All posts in Business News

17 Oct 2013

Five things you won’t see in this year’s budget

A cut in the number of Dáil deputies:

Ireland currently has 166 TDs representing 43 constituencies throughout the State. Although the Government said it would reduce the number of TDs back in 2011, it proposed cutting deputies by only eight overall.

17 Oct 2013

SFA Budget 2014 Reaction

Roll over relief on Capital Gains Tax positive for entrepreneurs and small business

Concerns bank levy will be passed onto business and consumers

Continued pension funds money grab very negative

16 Oct 2013

Budget 2014 in quotes

As Budget speeches go, it was workaday performance from Michael Noonan to a nation jaded by austerity.
Hardly renowned for barnstorming theatrics, the Finance Minister delivered his latest multibillion-euro package of cutbacks and tax hikes with near resignation.

Apart from a flourish of humanity, borrowed from poet and one-time senator WB Yeats, Mr Noonan stuck to his straight-speaking style for a measured delivery which was quietly absorbed.

More spirited was Brendan Howlin, Minister for Public Expenditure and Reform, as he took the baton to detail the public spending cuts. Heckles, if not histrionics, were raised as he took aim at Fianna Fáil on the Opposition benches, whom he blamed for putting him in the position he was in.

Quotes of the day included:

:: “There will be no promissory notes, there will be no Anglo Irish Bank and there will be no bank guarantee. We will have exited the programme and Ireland will have been handed back her purse.” – Mr Noonan on a post-bailout Ireland in the new year.

:: “The last six years has left both emotional and physical scars on this country.” – Mr Howlin on measures to deal with the housing crisis, including a package for Priory Hall.

:: “Even the dead are not safe from this Government” – Michael McGrath, Fianna Fáil finance spokesman, on the cuts to bereavement grants.

:: “As WB Yeats said in Easter 1916, ’too long a sacrifice can make a stone of the heart’. I know that there is a view that the consolidation should go further, but people have already made many sacrifices.” – Mr Noonan, claiming the Budget could have been worse.

:: “What have you got against young mothers?” – Mr McGrath to the finance minister on maternity benefits cuts.

: “We’ve just been told we can be seen from space for the first time with all the hi-vis jackets.” – A protester outside Leinster House on the number of gardai compared to the low turnout of demonstrators.

:: “Making my estimates speech last year, I said I was confident that, as a people, we would come through this mess – a mess created by those opposite and which endangered the very viability of our State. Today I am more than confident, I am certain.” – Mr Howlin on the past and the future.

:: “The tax rate is settled policy. We are 100% committed to the 12.5% corporation tax rate. This will not change.” – Mr Noonan stands firm but says Ireland will tighten laws linked to tax avoidance.

:: “You are pitting grandparent against grandchild to make pitiful savings and people can see through it.” – Pearse Doherty, Sinn Féin finance spokesman, berates the Government over the Budget.

:: “This is a generation that if it doesn’t have it doesn’t spend.” – Eamon Timmins, of Age Action, on budget cuts on the elderly.
:: “Nobody is ideologically committed to austerity. Austerity is what is left, after Fianna Fáil in government drove the economy into the ground and led us beholden, like the famine victims of old, to seek relief outside this country.” – Mr Howlin takes aim at the Opposition benches, as he defends his spending cuts.

“Taoiseach and Tánaiste, you have dried the marrow from the bones of ordinary Irish working people the length and breadth of this State.” – Mr Doherty on the years of austerity under the Fine Gael/Labour coalition.

“This is not in the best interest of women, their children or indeed society as a whole.” – Orla O’Connor, director of National Women’s Council of Ireland (NWCI), on maternity benefits cuts.

“Enda has great hair, speaks great Irish, looks good for the cameras – but it’s all a facade.” – Activist Liam Mac an Bhaird at a small demonstration outside Leinster House.

16 Oct 2013

No repayment likely from EU for our bank bailouts

GERMAN Finance Minister Wolfgang Schaeuble has said Europe’s bailout pot is unlikely to be available to help Ireland recover part of the cost of our bank bailouts.

16 Oct 2013

Ireland’s bailout programme ‘a success’ – Asmussen

Jörg Asmussen, a member of the European Central Bank executive board, has said that he expects Ireland to exit the bailout by the end of the year.

He said Ireland’s bailout programme had been a success, but he said there were still “pending risks” in the banking sector.

16 Oct 2013

Budget 2014: What it means for business

The decision to reduce the size of fiscal adjustment from €3.1 billion to €2.5 billion was the correct one and will soften the negative impact of the budget on economic growth. The budget also included a number of welcome initiatives to support business and

16 Oct 2013

How leading CEOs viewed Budget 2014

* Antoin Dempsey

Dublin Wine Rooms

The budget is bitter sweet for our industry. I am relieved at the retention of the 9 percent VAT on food but the increased duty on the wine is nothing short of a joke. It’s already the highest in Europe and this is the second increase in

16 Oct 2013

Angry exchanges in Dáil over Budget 2014

There have been clashes in the Dáil over the Budget provisions, with Taoiseach Enda Kenny dismissing comments by Fianna Fáil leader Micheál Martin as “opportunistic blather”.

16 Oct 2013

Mixed reaction to Budget 2014 measures

The measures announced in Budget 2014 have drawn a mixed reaction from various representative groups and organisations throughout the country.
The Society of St Vincent de Paul said it was very disappointed and concerned about the cuts to young peoples’ social welfare payments.

16 Oct 2013

The winners and losers in Budget 2014


The tourism industry

Not only did the tourism industry get to keep its 9 per cent VAT rate as it had lobbied hard  for in recent weeks, but it also got an added boost when the Government said it would abolish the travel tax. The move has been welcomed by everyone from airlines to