Subscriber OnlyBusiness Today Digest

Insolvencies rise, house prices returning to ‘normal’ and a Brexit fantasy

Business Today: the best news, analysis and comment from The Irish Times business desk

The level of insolvencies among Irish businesses remains low but is growing fast, figures from the professional services firm Pricewaterhouse Coopers (PwC) suggest. The firm is estimating that the “direct economic damage” — roughly the debts — of bust companies in Ireland could top €2 billion by the end of the year. However, if the rate of insolvencies returns to historically normal levels, the economic damage could hit between €6 billion and €7 billion, PwC said. Mark Paul has the details

Where do I find out if I’ve been on the wrong rate for my mortgage as I’m on a tracker mortgage which has been from 3.25 per cent since 2008 and has now risen to 3.75 per cent with another increase due next month to 4.5 per cent? Dominic Coyle answers your personal finance questions.

Lofty valuations and the excessive expectations of sellers have finally “taken a toll” on house prices, as the rate of growth in prices slipped back to 7.8 per cent from 10.9 per cent in the three months to the end of September, according to a report from property website Mark Paul reports.

Every second person at a recent conference I attended was whipping out a business card. Men. Women. Young. Old. Everyone seemed to have one bar me. The third or fourth time I feebly apologised for not having a card, a middle-aged man curtly asked, “why not?” Pilita Clark marvels at the rebirth of the business card.


Running in parallel to the increasingly messy Brexit politicking, which has delivered four leaders in six years, and perhaps underpinning it, is the problem of the UK’s low-growth, low-productivity economy. The new government’s low-tax remedy, however, appears to be making the markets sick, writes Eoin Burke-Kennedy.

A surge in companies seeking advice on digital issues and climate change helped to drive growth in revenues at Deloitte Ireland by 24.3 per cent to €429 million in the 12 months to the May 2022. Audit revenues at the firm rose by 12.2 per cent to €88.3 million, the group’s latest annual transparency report shows. Meanwhile, non audit revenues, which include the consulting wing of the firm, rose 28 per cent to €340.6 million. The bulk of the growth came in consulting contracts for businesses for which Deloitte Ireland is not the auditor. Mark Paul reports.

As gatekeepers of tax administration, with an increasing role in tax policy at home and abroad, does Revenue have the resources it needs to deliver the world-class tax regime that’s needed to support our economy? Susan Kilty, head of tax at PwC thinks more could be done to support this critical office.

Business editor Ciarán Hancock is joined by guests to analyse Budget 2023 on our Inside Business podcast. On the panel are economics columnist Cliff Taylor, Sven Spollen-Behrens, director of the Small Firms Association, Kevin McLoughlin, tax partner with EY Ireland and political correspondent Jennifer Bray.

Stay up to date with all our business news: sign up to our Business Today daily email news digest.