Business News

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

9th October 2020

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

8th October 2020

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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Reduced construction activity hits Govt’s social housing targets

8th October 2020

The Government has admitted that its supply of social housing is only 35% of target due to the reduction in construction during Covid-19 restrictions. Opposition parties have described the figures as worse than expected with Sinn Féin housing spokesperson Eoin Ó Broin saying they are “deeply disturbing”. Mr Ó Broin said, “The dramatic fall in output…

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Varadkar urges all 225,000 companies to be Brexit ready

8th October 2020

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar is writing to every business in Ireland urging them to prepare for the change in relationship between Britain and the EU.  The letter has been sent to the roughly 225,000 businesses registered with the Companies Registration Office. In it, Leo Varadkar advises companies to get to…

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Government approves 10c an hour minimum wage increase

7th October 2020

The Government has approved an increase in the National Minimum Wage of 10 cent an hour, which will bring  it to €10.20 per hour from 1 January.  The move is set to benefit over 122,000 minimum wage workers, though unions have dismissed the increase of less than 1% as inadequate. Some weeks ago, Irish Congress of Trade Unions…

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Revenue brings forward payment date for EWSS

7th October 2020

Revenue has brought forward the date of payment for Employment Wage Subsidy Scheme supports to eligible employers.  EWSS payments in respect of September payroll submissions, which were due to be made as soon as possible after October 14, will now be paid into the designated bank accounts of eligible employers by this Friday morning, October…

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Tourism taskforce urges radical steps to sustain industry

7th October 2020

The Tourism Recovery Taskforce has called for radical steps to sustain and revive the industry post-Covid 19 including €120m in grant aid, a loan scheme and staggered school holidays. The Tourism Recovery Taskforce published its Tourism Recovery Plan 2020-2023 yesterday. Chair of the Tourism Recovery Taskforce and CEO of the Incoming Tour Operators Association Ruth Andrews said any longer-term…

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Euro zone economic recovery in danger as Covid-19 resurgence hits service industries

6th October 2020

The euro zone’s economic recovery faltered in September with growing evidence sectors and countries in the bloc are diverging as a resurgence of Covid-19 forces the reimposition of restrictions on activity.  A rise in infection rates in Europe will concern policymakers who had hoped the euro zone economy was healing after contracting an historic 11.8% in the…

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Number of PUP claimants down to just under 206,000

6th October 2020

The number of people claiming the Pandemic Unemployment Payment has fallen to just under 206,000 – down almost 12,000 from over 217,000 a week ago.  That is according to the latest figures from the Department of Employment Affairs and Social Protection.  This week, 205,593 people will receive PUP payments, a reduction of 11,549 compared to last…

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Economy has fared better than forecast during the pandemic but the impact on jobs has been worse – Central Bank

6th October 2020

The Central Bank has said the economy has fared better than forecast during the pandemic but the impact on jobs has been worse. In its latest quarterly bulletin, the bank warns recovery will remain uneven and a ‘no-trade deal’ Brexit will hamper any growth next year. Ireland recorded the smallest fall in GDP across Europe due to…

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