The Banking and Payments Federation of Ireland (BPFI) has highlighted the impact of a decrease in mover-purchaser mortgages, loans for homeowners intending to buy and relocate, approved in May. This downturn can exacerbate the already strained supply of resale homes in the market, as Ian Curran elaborates.
Negotiations concerning a longstanding dispute over the pay of Aer Lingus pilots collapsed on Thursday afternoon. This took place at a hotel in Dublin Airport where discussions had started that morning. Both sides held the other responsible following five hours of unsuccessful talks. Our Agenda correspondent, Barry O’Halloran, examines the next steps for both parties.
Both the Central Bank and the Irish Fiscal Advisory Council have urged that the budget to be laid out this autumn should stick to sensible fiscal policies. They argue that the economy is at full capacity, hence injecting additional money through the budget is not advisable, as John FitzGerald, our Friday columnist, details.
Concerns abound that the Government might introduce an extravagant budget to boost its chances in the upcoming elections. However, an examination of pre-election budgets from the past seven decades demonstrates that stern budgets have been as common as indulgent ones aimed at swaying the electorate.
Jack Chambers, the youngest Minister for Finance since Michael Collins, is under the spotlight regarding his future plans.
Travel plans may face further impediments next week with potential strikes by Aer Lingus pilots after a breakdown of talks intended to solve their ongoing pay dispute. These discussions took place at a Dublin Airport hotel on Thursday, organised by the Irish Airline Pilots’ Association (Ialpa), part of the trade union Fórsa, as their work to rule at Aer Lingus went into the second day.
However, the early afternoon saw the talks come to an abrupt stop with each side blaming the other for their respective immovable stances. Barry O’Halloran provides further reportage.
The demographics of Ireland are shifting towards the elderly. This hints at a future with fewer contributors to the workforce compared to retirees, a development that will stress public finances and economic growth. Nevertheless, there are factors that could counterbalance these challenges.
There has been a surge in the number of individuals opting for later retirement, largely due to improved health and longevity, as well as financial necessity in certain circumstances. Additionally, the female workforce participation has seen a significant increase. Ireland exemplifies this global shift that has seen a reconfiguration in the balance between child-rearing and maintaining employment. It is noteworthy that fewer Irish women are engaged in work compared to the worldwide norm, indicating that this could be a critical aspect to monitor in the approaching years, as stated by Cliff Taylor in Smart Money.
In other news, Circle K, the petrol station chain, has entered into a pact with EDF Renewables Ireland to utilise its solar energy to power its network starting October. This agreement is expected to run until 2036, during which Circle K has vowed to purchase electricity for its 168 Irish outlets from EDF’s three solar farms located in Wexford and Kilkenny.