Budget 2015: Give and take
Budget 2015 marked the first time since the start of the economic collapse in 2008 when there were social welfare increases and tax cuts.
The Government began reversing some of the austerity measures that were introduced over the past six years with extra spending and tax cuts worth just over €1bn.
The Christmas bonus for social welfare recipients will be partially restored this year.
European banks raise more capital before ECB stress test: report
The euro zone’s 130 most important banks are set to find out on Oct. 26 how they have fared in the ECB’s landmark review, which is designed to banish lingering doubts about whether lenders value assets properly and are strong enough to withstand another recession.
Linklaters said the euro zone banks have raised €35bn ahead of the review, a figure that could rise to nearly €50bn by the end of …
New relief measures in Budget to cut water bills by up to €100
A two-pronged approach agreed by senior ministers will see the introduction of new tax relief measures and financial subsidies in tomorrow’s Budget, the Irish Independent can reveal.
The Coalition plans to provide relief through both the tax and social welfare systems in a move that is intended to cover every household in the country.
The proposals, which were signed off by the government’s Economic Management Council (EMC), will see householders …
€920 charge for going bankrupt faces cut to €400
The Insolvency Service (ISI) of Ireland has applied to a special committee that regulates how the courts operate to have the fees reduced.
It currently costs a consumer €920 to go through the process of bankruptcy – now the intention is to reduce this to around €400.
Last week, ISI said it was cutting the fees for applying for state-approved insolvency deals in a bid to kick-start the new process …
Drive to get young people and women into business
Jobs Minister Richard Bruton’s proposals aim to create an extra 93,000 jobs in start-up companies over the next five years.
The entrepreneurship plan will include distinct measures to promote female entrepreneurship, including:
l promotion of female role models;
Germans want Irish tax reform in return for deal on IMF loans
In a debate in the Bundestag, German parliamentarians praised Ireland for sticking to the bailout programme, while demanding that we use the €2bn that will be saved over the next seven years to slash debt rather than financing tax cuts.
But deputy finance minister Steffen Kampeter warned that Ireland was “doing itself no favours” in giving multinational companies based here “a huge tax advantage compared to European companies.”
“Solidarity is …
German exports plunge by largest amount in five-and-a-half years
The Federal Statistics Office said late-falling summer vacations in some German states had contributed to the fall in both exports and imports, but the figures still painted a gloomy picture for Germany following steep drops in industrial orders and output data earlier in the week.
They are likely to intensify a debate over whether Chancellor Angela Merkel’s government should be ratcheting up public investment in infrastructure instead of prioritizing deficit …
Mortgages: Central bank lending crackdown will spark mortgage rush
Mortgage and property experts say a stampede of buyers is set to result from new Central Bank rules due to come in next January.
The rules mean it will be standard for buyers to need a 20pc deposit before getting a mortgage.
First-time buyers will have to come up with a €60,000 deposit for a €300,000 property. And an income of close to €70,000 would be needed to qualify for …
European shares fall on gloomy global economic news
The pan-European FTSEurofirst 300 index of blue-chip shares was down 0.4 percent at 1,324.71 at 0811 GMT, touching its lowest levels since mid-August.
Asian and U.S. shares fell overnight after the IMF cut global growth forecasts and German industrial production missed expectations.
In the latest evidence of economic malaise, growth in China’s services sector weakened slightly in September as new business cooled, a private survey showed on Wednesday. This reinforced …
Budget 2015: ESRI calls for €500m investment programme for social housing and growth
The think-tank said a crucial EU deficit target would be easily met by setting out a neutral Budget, without any extra measures beyond water charges.
But Professor John FitzGerald signalled the institute was not against income tax concessions, as long as the overall policy was prudent.
The assessment comes as the International Monetary Fund (IMF) more than doubled its growth forecast for Ireland this year to 3.6pc – one of …