Irish economic growth set for sharp slowdown, Ersi warns
The Government has received two fresh warnings ahead of next week’s budget, with the Economic and Social Research Institute (ESRI) forecasting on Wednesday that growth will slow sharply, while the latest exchequer figures, published by the Department of Finance on Tuesday, show further weakness in corporation tax.
Corporation tax is now expected to undershoot levels forecast for this year, Minister for Finance Michael McGrath confirmed, with receipts in the third quarter of the year dropping by 23 per cent on last year’s figure.
Mr McGrath said the fall-off in revenues from corporation tax, which have driven the huge surpluses of recent years, was a “timely reminder of need for careful management of our public finances”. This is the second month in a row that corporation tax revenues have undershot expectations.
Top News Stories
- Rates of remote working in Northern Ireland trail those in the Republic, report says: Rates of remote working in Northern Ireland trail far behind those in the Republic, with factors like commuting times around Dublin, the prevalence of tech sector employment and government polices among the key factors driving the difference, according to research published by the University of Ulster’s Economic Policy Centre.
- Dublin school says former Nazi was not prohibited from teaching there after war: St Conleth’s College in Dublin has said there were “no restrictions” on a former Nazi SS officer taking up employment at the school after the second World War.
- Pre-internet artefact Aertel switches off: News that RTÉ will officially close its Aertel teletext service next week will prompt a range of emotions. For some, the announcement brings back fond memories of Aertel’s heyday in the years immediately prior to the internet.
- Number of dogs abandoned reaches ‘unprecedented’ levels - ISPCA: The number of dogs being abandoned to shelters has reached “unprecedented” levels, the Irish Society for the Prevention of Cruelty to Animals (ISPCA) has said.
- Ireland spent more than €900m last year helping Ukrainian refugees: Ireland spent more than €900 million last year assisting Ukrainian refugees and in direct donations to that country, according to the Irish Aid annual report for 2022. It will be launched on Wednesday by the Tánaiste and Minister for Foreign Affairs Micheál Martin.
- Ireland’s weather today: Today will bring dry weather and some scattered showers for much of the country. Northern and western parts of Ulster will be wet with rain through the day, heavy at times. Highest temperatures of 14 to 16 degrees.
- Happening today: Third-level students will march through Dublin City from noon to demand Government assistance with student accommodation and the cost of attending college. Sinn Féin and the Social Democrats will publish their alternative budgets.
News from around the World
- Kevin McCarthy will not seek to become House speaker again after being ousted from post: Kevin McCarthy, who was ousted as speaker of the US House of Representatives on Tuesday, has said he will not seek the office again. Mr McCarthy became the first speaker to be removed from office after losing what was effectively a vote of confidence in the face of a rebellion by hard-right members of his party, writes Washington Correspondent Martin Wall.
- At least 21 dead, including two children, in Italian coach crash near Venice: A bus carrying foreign tourists including Ukrainians has crashed off an elevated street near the Italian city of Venice, killing at least 21 people and injuring 18 others, authorities said.
- House where Hitler was born to be transformed into police station: Some 78 years after Adolf Hitler’s suicide, and following decades of dispute, Austria has finally begun building work to transform the dictator’s birthplace into a police station.
The Big Read
- Washington infighting puts US support for Ukraine in doubt: US officials including president Joe Biden have long expressed confidence that Congress would keep supplying Ukraine with billions of dollars of aid to secure Russia’s defeat, even with tensions running high in a divided Washington. But the deal reached at the weekend to avoid a government shutdown – for now – stripped out any help for Kyiv, revealing just how unpredictable Washington’s backing may be and heralding fraught negotiations ahead to secure further funding.
The best from Opinion
- Aggressive protesting is not a one-way street. There are gutters on both sides: Liberty to exercise the right of citizens to assemble peacefully and without arms is guaranteed by the State in Ireland subject to public order and morality. However, Article 40.6 of the Constitution authorises laws to prevent or control meetings “which are determined in accordance with law to be calculated to cause a breach of the peace or to be a danger or nuisance to the general public” and “to prevent or control meetings in the vicinity of either Houses of the Oireachtas”, writes Michael McDowell.
Culture highlights
- What happens in Vegas stays in Vegas, but my night with U2 will stay with me forever: I heard an interview recently in which former Virgin Prune and long-term U2 creative collaborator Gavin Friday said “the best place in Las Vegas is your bed”. It might be one of the wisest things anybody has ever said about Sin City. This is impressive when you consider how much has been observed about the place by many prominent celebrities and great minds over the years, writes Róisín Ingle.
Today's Business
- Climate action to hit public purse by €5.5bn a year by end of decade - IFAC: Irish Government efforts to reach its 2030 climate targets will result in a €5.5 billion financial hit to the public purse in the latter years of the decade, according to estimates from the Irish Fiscal Advisory Council (IFAC).
- What to watch out for when choosing a new credit card: It’s hard not to envy those travel influencers, crossing the world posting “this is what it’s like to fly first class to Dubai” videos and the like in our feeds. Plus the other assorted Instagram and LinkedIn braggers popping up pictures of their palatial sky beds with complimentary champagne before take-off, while the best the rest of us can hope for is not to be seated next to the loo while we fold our knees up to our ears back in a crowded economy section for the next eight hours or so, writes Brianna Parkins.
Top Sports news
- A win for Ireland over Scotland will be built on zero talent moments: Context is an important factor in sport when trying to evaluate a contest between two teams where there are little physical or skill-related differences. The team that is better placed mentally to handle the challenge has a material advantage that translates directly on to the pitch, writes Gordon D’Arcy.
- The GAA special congress took little time, but big decisions were made: Sometimes faster doesn’t mean better. There have been special congresses after which top-table surprise has been expressed at the lack of debate on a specific issue. The fastest special congress ever! It’s comparable to the fastest root canal – the time it takes not being the greatest of preoccupations.
Martyn Turner
Letters to the Editor
Sir, – Further to Frank McNally’s “A history of Ireland in 100 goodbyes” (An Irishman’s Diary, September 30th), “I’ll let you go.” – Yours, etc,
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An Irish businessman in Singapore: ‘You’ll get a year in jail if you are in a drunken brawl, so people don’t step out of line’
Protestants in Ireland: ‘We’ve gone after the young generations. We’ve listened and changed how we do things’
Is this the final chapter for Books at One as Dublin and Cork shops close?
In Dallas, X marks the mundane spot that became an inflection point of US history
FIONNUALA WALSH, Galway.
Sir, – “If I don’t see you round, I’ll see you square.” – Yours, etc,
MICHAEL CULLEN, Sandycove, Co Dublin.
Sir, – “‘Tis you ‘tis you must go and I must bide.” – Yours, etc, FERGUS MADDEN, Goatstown, Dublin 14.
Sir, – “Here’s your coat, what’s the hurry.” – Yours, etc, TOM CLARKE, Ayrfield, Dublin 13.
Sir, – “Drop in anytime – just ring first.” – Yours, etc, EUGENE TANNAM, Firhouse, Dublin 24.
Sir, – “Have yiz no home to go to?” – Yours, etc, MARY BYRNE, Dublin 8.
Sir, – “Are you still here?” – Yours, etc, BRIAN CULLEN, Rathfarnham, Dublin 16.
Video & Podcast Highlights
- In the News: Stardust inquest: Eamon Butterly, silent for four decades, gives his version of the tragedy: former manager of venue has so far spent 19 hours giving direct evidence
Music Quiz
- In the new season of Netflix’s Sex Education, which U2 song features in episode four?: Try this week’s music quiz from Tony Clayton-Lea.
Why not try one of our Crosswords & Puzzles?
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