News

Domestic growth lagged pre-Covid

Multinational corporations (MNCs) were already outpacing indigenous firms in Ireland before Covid made business conditions more difficult for the domestic sector. Sectors dominated by foreign-owned companies – such as IT and pharmaceuticals – grew by 6.9pc in 2019, while domestic sectors grew by 4.5pc, according to gross value added (GVA) figures from the Central Statistics […]

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Sterling holds above $1.30 ahead of new lockdown measures

Sterling edged lower against the dollar today, with British Prime Minister Boris Johnson expected to announce new restrictions as the Covid-19 outbreak accelerates, but hopes for a Brexit deal kept the currency above the key $1.30 level.  Boris Johnson was due to hold a meeting of the government’s emergency COBRA committee and then address parliament. […]

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From a €4bn ‘super fund’ to the PUP Christmas bonus: Everything we know about Budget 2021 so far

Tomorrow the Government will reveal details of the Budget 2021. Here’s everything we know so far… ■ Between €4bn and €5bn for a ‘super fund’ to deal with the twin-threat posed by Covid-19 and Brexit is being discussed. It is unclear whether the planned National Recovery Fund will form part of this or is separate. ■ […]

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PUP may be extended beyond April but at a level affordable over long term: Humphreys

The Pandemic Unemployment Payment (PUP) may be extended beyond its end date of next April, Social Protection Minister Heather Humphreys has suggested. Speaking in the Dáil, she said: “Nobody can predict the trajectory of the virus and it may well be that the payment will be needed beyond next April which is all the more […]

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Eurozone facing ‘tougher’ time, says ECB chief economist Lane

The Eurozone economy is facing a “tougher” period than in spring as the pandemic continues to heap pressure on members, according to former Central Bank of Ireland governor Philip Lane, now chief economist with the European Central Bank (ECB). But Mr Lane has insisted in an interview with the Wall Street Journal that the ECB […]

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Lower than forecast budget deficit of €21bn expected this year

The Government expects to run a budget deficit this year of just over €21bn or 6% of GDP.  This figure is lower than forecast, largely due to stronger tax receipts running 15% ahead of expectations.  The figures are contained in the White Paper, which lays out the public finances ahead of any decisions that may […]

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First broadband plan community connection points open

The first 50 of 300 community Broadband Connection Points (BCPs), that are being rolled out as part of the National Broadband Plan (NBP) have been connected. BCPs are public locations which have been selected to receive free high-speed connectivity in the first year of the NBP, to provide broadband to communities that don’t have it, […]

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Core budget spending to rise by €3 billion in 2021 – McGrath

The Minister for Public Expenditure and Reform has said that without accounting for policy measures in key areas, such as health and housing, the Budget estimates for next year will include an increase of approximately €3 billion in core expenditure. A further €9bn roughly will be needed for Covid related spending, Michael McGrath said, although […]

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UK economy grows by 2.1% in August, lower than expected

The UK economy grew much more slowly than expected in August, setting back its recovery from the coronavirus lockdown. Much of what growth recorded in August was down to a one-off government restaurant subsidy programme, official data showed today.  UK gross domestic product rose by 2.1% from July, its slowest month-on-month increase since the economy […]

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Another full-blown lockdown ‘not inconceivable’ – Minister Ryan

The Minister for Transport Eamon Ryan has warned that another full-blown lockdown is “not inconceivable”, and that allocating further supports for the aviation sector will involve hard choices about priorities. Mr Ryan was addressing the Joint Oireachtas Committee on Transport and Communications Networks which was hearing submissions on the challenges facing the aviation sector. Representatives […]

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