Strained public finances, hotels that won’t open, and switching your bank account

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

Grafton Street in Dublin during the Covid 19 pandemic. The retail landscape may be changed forever. What new purpose will be found for the outlets? Photograph: Gareth Chaney/Collins

Grafton Street in Dublin during the Covid 19 pandemic. The retail landscape may be changed forever. What new purpose will be found for the outlets? Photograph: Gareth Chaney/Collins

 

The Irish Fiscal Advisory Council has accused the Government of failing to manage the public finances in a prudent manner. In its latest report,the council warns that Budget 2021 includes “substantial and permanent increases” in spending unrelated to the Covid-19 pandemic amounting to €5.4 billion without long-term funding. Eoin Burke-Kennedy reports.

Many of the raft of new hotels that were in the planning system before the pandemic hit are now considered “unfeasible” and may never be built, according to one of the country’s top commercial property agencies. Mark Paul has the details.

Gardaí are investigating an alleged €400 million fraud at electronic payments giantcompany Wirecard’s Irish arm, the High Court heard on Monday. Barry O’Halloran reports.

The Irish manufacturing sector regained some momentum in November, as business confidence improved and new orders and output both returned to growth. Fiona Reddan has the details.

There was a surge in mortgage approvals in October driven by first-time buyers, according to latest figures from Banking and Payments Federation Ireland (BPFI). Eoin Burke-Kennedy runs through the data.

At-home testing company LetsGetChecked is to create 160 jobs in Dublin as it expands its lab facilities in Ireland, the first owned and operated lab that the company has in Europe. Ciara O’Brien reports.

With bank changes on the rise, is it time to move your current account? Fiona Reddan has the answer in her weekly personal finance feature.

In Q&A, a reader asks if the income from a rented house will be subject to capital gains tax if it contributes to the cost of their nursing home care? Dominic Coyle offers his take on the issue.

In media and marketing, Laura Slattery says the pandemic has changed the nature of retail forever with the result that city centres and towns will need to find to find a new purpose for the empty properties left behind.

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