News

Consumer spending up 6% in December – Revolut

New figures from Revolut shows that total consumer spending in December 2020 rose by 6% from December 2019, with many sectors seeing record levels of expenditure.  Digital banking app Revolut said its research showed that consumers returned to the shops in force for a Christmas shopping spree, with the December reopening of non-essential retailers seeing […]

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Brexit reality bites: The new dawn of trade friction

This week, as Brexit took effect, a company in Cork that sells sports posters to Europe and around the world ceased all direct online sales to the UK. “There’s no point having the hassle,” said Wayne Mullins, a graphic designer who runs Kobe Designs. “I’ll just not send to the UK. I’ll keep selling to the […]

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Businesses urged to claim 0% tariff on UK-origin goods

Businesses, and especially SMEs, have been alerted of the need to actively claim the zero-tariff rate on UK origin goods.  The Minister of State for Business, Employment and Retail, Damien English, said that under the EU-UK Trade and Cooperation Agreement, tariff duties are eliminated for trade between the EU and the UK where the relevant […]

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Non-essential construction to stop this evening due to Covid-19 restrictions

Non-essential construction is to cease this evening until at least the end of the month, as part of restrictions introduced on Wednesday to slow the spread of the third wave of Covid-19.  Essential construction projects that will be exempt from this include health projects specific to Covid-19, housing adaptation grants, repairs critical to maintenance for […]

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The virus shaping our economy is unpredictable and surprising

Covid-19 continues to be the predominant issue in all our lives. It also continues to be the predominant factor shaping our economy. And because it’s the Irish economy, it continues to be unpredictable and surprising.   Economists at the Department of Finance have been analysing different aspects of our Covid economy.   Its latest Economic […]

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Businesses worst fears realised as 2021 gets off to terrible start

It wasn’t supposed to be like this.  When Irish businesses did what was asked of them and substantially shut up shop in mid-October it was in pursuit of a single aim.   They thought a second (and perhaps final) lockdown would allow them to open in time for Christmas, make the most of the festive […]

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Govt engages with banks on further repayment breaks

The Government is engaging with the banking sector to ensure borrowers who need loan repayment breaks as a result of the further increase in Covid-19 Level 5 restrictions get them. Speaking this evening the Tánaiste, Leo Varadkar, said the Government wants to ensure that banks “provide additional payment breaks to mortgage holders and people who […]

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Unemployment rate dips to 20.4% before latest lockdown

New figures from the Central Statistics Office show that the Covid-19 adjusted unemployment rate stood at 20.4% in December as the Covid-19 crisis continues to have a significant impact on the labour market.  This figure includes people who are receiving the Pandemic Unemployment Payment and is down from 21% in November. The CSO said the […]

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Minister seeks to keep current PUP rates until March

Minister for Social Protection Heather Humphreys is expected to ask the Cabinet to approve the retention of the current Pandemic Unemployment Payment rates until the end of March, rather than reducing them on 1 February as was originally planned. The PUP scheme launched last March has so far cost the exchequer in excess of €5bn […]

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Online shoppers see extra charges due to Brexit

Consumers are beginning to see the introduction of additional charges and taxes when shopping with British retailers. Since Brexit took effect on 1 January, new rules have been implemented which will see VAT and Excise Duty being applied to many transactions. Purchases under €22 will not face additional charges, but anything over €22 will see the […]

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