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 …