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Ireland was a net contributor to the EU budget in 2018

Ireland was a net contributor to the EU budget in 2018

Ireland was a net contributor to the European Union budget to the tune of €315m in 2018, according to the latest report by the EU’s financial watchdog.

The sum represents an increase from €173m in 2017 and €181m in 2016.

However, officials expect Ireland’s budget contributions to rise further in the event of a no-deal Brexit, if member states …

Donohoe says absolutely no surprises in Budget 2020

Donohoe says absolutely no surprises in Budget 2020

The Minister for Finance has said there will be “absolutely no surprises” in the Budget to be outlined this afternoon.

Speaking as he arrived at the Department of Finance this morning, Paschal Donohoe said all of the main features of Budget 2020 are well known.

He said this was “a particularly challenging budget” because of the need to make some changes before …

Economy on course for over €600m surplus

Economy on course for over €600m surplus

The Government’s pre-Budget White Paper shows the economy is on course to deliver a surplus this year of €609 million.

The White Paper also shows another significant overrun on corporate tax receipts, which are €800m higher than forecast at the start of the year.

The White Paper is part of the architecture of the annual Budgetary process.

It sets out where the …

Blanket social welfare increase in Budget ruled out

Blanket social welfare increase in Budget ruled out

Discussions are continuing between Government departments throughout the weekend ahead of Tuesday’s Budget.

There is a particular focus on the Department of Social Protection, where an across the board increase in social welfare payments has been ruled out.

Instead any rise in payments is set to be confined to areas that would help children at risk of poverty and vulnerable elderly people.

Irish butter, cheese and pork among EU goods to be hit by US tariffs

Irish butter, cheese and pork among EU goods to be hit by US tariffs

A range of goods from the EU are to be hit with new US tariffs including Irish butter, cheese, liqueurs and pork products.

Irish whiskey made in Northern Ireland is on the list of products but Irish whiskey made in the Republic of Ireland appears to have been spared.

The new tariffs will take effect from …

Sterling jumps to 8 day high

Sterling jumps to 8 day high

Sterling jumped to an eight-day high after the head of a group of euro sceptic lawmakers in Prime Minister Boris Johnson’s Conservative Party said the government’s latest Brexit proposals offered the possibility of a “tolerable deal”.

A weaker dollar on a weaker-than-expected US non-manufacturing purchasing managers’ index inflated the rise, sending the pound above $1.24.

“There does seem to be maybe some reason to …

Sterling unfazed by weak economic data, as Britain waits for EU Brexit response

Sterling unfazed by weak economic data, as Britain waits for EU Brexit response

Sterling was little moved today despite a surprise contraction in the services sector as investors waited to receive a formal European Union response to Britain’s latest Brexit offer.

The pound has found little direction in recent days, and is back where it was at the start of the week.

Britain’s economy appears to have tipped into recession, …

Services sector sees slowest growth since May 2013 – PMI

Services sector sees slowest growth since May 2013 – PMI

The services sector grew at its slowest rate since May 2013 last month, a survey showed today, amid a softening of both foreign and domestic demand conditions.

The AIB IHS Markit Purchasing Managers’ Index (PMI) for services slipped to 53.1 in September from 54.6 in August.

While it still remains above the 50 mark that separates growth from contraction, …

Jobless rate steady at 5.3% in September despite Brexit concerns

Jobless rate steady at 5.3% in September despite Brexit concerns

New figures from the Central Statistics Office show that the unemployment rate remained at 5.3% in September compared to August.

The jobless rate has crept higher in recent months due to Brexit concerns, but it is still very low compared to the financial crisis when it soared to 16%.

The country’s unemployment rate is also below the current euro zone …

Europe’s Q3 earnings outlook deteriorates as trade war, Brexit bite

Europe’s Q3 earnings outlook deteriorates as trade war, Brexit bite

European companies are heading for their worst quarterly earnings in three years as revenue drops for the first time since early 2018, according to the latest Refinitiv data.

The results will underscore concerns about Europe Inc’s deteriorating health.

Companies listed on the STOXX 600 regional index are now expected to report a 2.2% drop in third-quarter earnings per share.

This …

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