Minister for Social Protection Heather Humphreys. Photograph: Dara Mac Dónaill

Maybe Heather Humphreys was right and some jobs will never return

Pigs at a farm in Yorkshire. The EU will want to ensure that British animals and food products entering the Republic via the North are subject to appropriate customs checks and meet safety standards. Photograph: Chris Ratcliffe/Bloomberg

Smart Money: Brexit is back – here are the five things you need to know

People on a busy Henry Street in Dublin’s city centre in mid-July. Photograph: Brian Lawless/PA Wire

Government has to give clear advice on returning to work

What should we be doing to prepare, in case  a viable vaccine presents itself sooner rather than later? Image: iStock

Smart Money: A viable vaccine could change everything for the global and domestic economies

Euros

Jobs will be saved – but the coming autumn will be marked by an economic reckoning

Minister for Finance Paschal Donohoe: his department has said the State has so far provided €20bn in direct supports to counter the impact of Covid-19 on the economy. Photograph: Julien Behal

This amounted to around 12% of economic output, according to an analysis published by the Department of Finance

Rossnowlagh Strand in Co  Donegal: staycation scheme will be popular but may give people a refund on money they would have spent anyway.     Photograph: Bryan O’Brien

Pump priming and jobs targeted but fear of second wave makes confidence scarce

When  the impact of prices is considered, Irish households no longer belong to the EU rich club.

Smart Money: Headline data shows we are better off than our neighbours – but it is wrong

Taoiseach Micheál Martin: The centrepiece of the Government stimulus plan will be  new employment supports based on a German scheme. Photograph: Niall Carson/PA Wire

Plan will include new employment scheme to support wages of those temporarily put on short-time working

Taoiseach  Micheál Martin in Brussels at the end of the EU summit.

Cash gains limited for State but fallout from a summit collapse could have been costly

The context for the July stimulus is politically tricky. Above, Taoiseach Micheál Martin. Photograph: Francisco Seco/AFP via Getty

Supporting businesses and jobs is the right path for now but unpopular decisions await

People waiting for a bus in Dublin city centre. Photograph Nick Bradshaw/The Irish Times

Smart Money : Vital decisions on wage subsidy, grants and VAT in the balance

The Apple logo on display at a company store in Brussels. The EU general court ruling is a big blow for the European Commission. Photograph: Emmanuel Dunand/AFP

Cliff Taylor: Cupertino, not Cork, clearly called the shots in tech giant’s Irish business

Competition commissioner Margrethe Vestager. The European Commission looked at the way Apple set up its business in Europe and specifically at how profits earned all over Europe were allocated to the ‘head offices’ of two companies. Photograph: Kenzo Tribouillard/EPA

Cliff Taylor: Key question is will the State contest the decision again?

Apple chief executive Tim Cook with former taoiseach Enda Kenny the company’s campus in Cork in 2014.

European court decision due this week will put corporate tax policy back under spotlight

The recession means all the drive now is to keep interest rates low. But how long can this last?

Smart Money: The path of borrowing costs is vital for households – and for the State

Younger, less-educated people in lower-paid jobs are exposed, while many older, better-paid folk are protected. File photograph: Provision

The looming two-tier recession will disproportionately affect these two groups

Redundancies will be the biggest cause of income loss in the months ahead, but a loss in pay, bonuses, overtime and working hours will also hit incomes in many areas of the private sector. Photograph: iStock

Smart Money: Pay was on the rise before the pandemic hit

 Debenhams staff protesting outside the Henry Street branch recently. Retail has been one of the sectors worst-hit by the Covid-19 lockdown. Photograph: Dara Mac Donaill

Group advises public be given vouchers to spend in worst-hit sectors of economy

Minister for Finance Paschal Donohoe at the announcement of the new Cabinet at Convention Centre Dublin. Photograph: Maxwells

Deciding where to direct cash – and where not to – in response to Covid-19 crisis will be controversial

 Micheál Martin: presumably both Fianna Fáil and Fine Gael   realise that if they are caught again having to impose actual austerity, then the political consequences would be enormous. Photograph: Alan Betson

New revenue streams will inevitably be needed to pay for programme for government

The programme for government points towards a bigger role for the State in the housing market. Photograph:    Luke MacGregor/Bloomberg

Level of uncertainty new government faces in economic arena is unprecedented

As presumed incoming taoiseach, Fianna Fáil leader Micheál Martin will preside over many changes to tax, welfare and spending that will affect our family finances. Photograph: PA Wire

Smart Money: Taxes, pensions and housing all included in Programme for Government

PRSI increases could be on the cards. File photograph: Getty Images/iStockphoto

The deal says increasing the charge will be considered to help pay for higher benefits

Tánaiste Simon Coveney and Taoiseach Leo Varadkar at Government Buildings in Dublin on Monday. Photograph: Leon Farrell/Photocall Ireland/PA Wire

Analysis: Programme for government sets a new direction, but is light on the details

UK confirms it will not seek extension to transition period at the end of the year

There are a group of firms which will only be viable in a return to something like the “old” normal – many pubs, for example. We don’t know whether the “new” normal is  temporary or  semi-permanent. Photograph: David Sleator

As the economy reopens in hope and fear, many sectors need support to survive

‘Silicon Dock’, home of Google in Dublin.

Smart Money: Fears about Ireland’s over-reliance on corporation tax will be put to one side. Put simply, we need the money

General mood is bleak and 25 per cent of firms expect revenue to be down at least 70 per cent over the next three months.

Chambers Ireland finds small businesses worst hit by lockdown and invoice arrears

Minister for Finance Paschal Donohoe: For investors issues such as Brexit-risk could be a factor as they look at the Republic.

Cliff Taylor: NTMA can pick and choose when to seek more money with plenty of cash in hand

Duke Street in Dublin as the country prepares to lift more restrictions due to Covid-19. Ireland’s flaw  in the past is the government has spent when we had money and been forced to cut back in recession.  Photograph: Laura Hutton

Fiscal stimulus can minimise Covid-19 austerity but cheap money will one day cease

An extremely quiet Dublin city centre.

Data are a tale of two economies: the domestic takes a huge hit while exports grow

The European Commission has come up with a plan totalling €750 billion – how much of this will the Republic get? Photograph: iStock

Smart Money: Inflated GDP data could cost Ireland under European Commission proposals

Positives from the pandemic: Máire Gilmartin of St Vincent's University Hospital in PPE; a climate protest near the Dáil; and traffic on the M50 in west Dublin. Photographs: Alan Betson

The crisis poses huge threats but also shows us ways forward in health, housing, work and lifestyle

‘The predominantly younger workforces in areas such as hotels, pubs, bars, restaurants, leisure and tourism are at most risk.’ Photograph: Frank Miller

Sectors where young people work are the ones that will struggle to bounce back

Mariana Mazzucato: The pandemic is a wake-up call

Top economist Mariana Mazzucato on ‘doing economics differently’ in a post-Covid-19 world

The non-food retail sector is among those is real trouble as a result of Covid. Photograph: Dara Mac Dónaill

Smart Money: Major reports from IFAC and the ESRI point to what might come next

Really big decisions await on whether, if the infection figures are okay, Ireland should move more quickly in reopening. Photograph: Dara Mac Donaill

Rebooting the economy is a complex task best-placed in hands of new government

Private investors were brought into Nama via a special purpose vehicle which held a majority stake in an investment holding vehicle which was part of the agency structure. Photograph: Cyril Byrne

Final size of agency’s surplus could be hit by Covid-19 crisis

The traditional Keynesian approach is that the government needs to step in to fill a significant part of the gap caused by a collapsing economy – such as the situation caused by Covid-19. Image: iStock

Smart Money: Controversy rages over how far Ireland can go into deficit to protect the economy

The UK government published the tariff levels which will apply from next January if a trade deal is not done with the EU. Photograph: EPA

New tariff schedule confirms particular problems for the Irish beef sector

The exit from the Covid-19 crisis will give us some opportunities to start anew, but it also presents us with the age-old challenge that getting things to change in a time when there is less cash around is just a lot more difficult

Delivering the green agenda – always costly – looks even harder in this ravaged economy

A healthcare worker takes a nasal swab sample. A cost of, say €1.7 billion per annum for PPE and testing is equivalent to the annual budget of the Department of Children or Department of Agriculture and Food. Photograph: Angela Weiss/AFP/Getty

Huge costs of addressing Covid-19 and rising unemployment will present real political problems

It is genuinely difficult for employers to decide under which phase of the Government’s plan they fit, and how they might need to prepare their workplaces. Photograph: iStock

Smart Money: A significant number may not return to the office until late this year or even 2021

There is a big wave of temporary lay-offs going to turn into longer-term redundancies. Photograph: Dara Mac Dónaill

Cliff Taylor: In the domestic economy, many temporary lay-offs will soon become permanent

Minister for Finance Paschal Donohoe said the State would have to “lay out the path in how we’ll deal with the issue in a fair and affordable way” over the next “number of weeks”.

Ministers say two existing Covid-19 crisis schemes cannot continue in current form

Bewley’s on Grafton Street in Dublin: the latest high-profile services business to fail. Photograph:  Dara Mac Dónaill

Smart Money: the pandemic unemployment payment will be extended, but not forever

Paschal Donohoe: The Government faces difficult decisions on both the wage subsidy and pandemic unemployment payments.

Minister for Finance says schemes will continue, but in an amended form

The shutdown has created a cash crisis for many firms and if not addressed it will turn into a solvency crisis and threaten their future. Photograph: Dara Mac Dónaill/The Irish Times

The need for new legislation could delay some measures, including credit guarantees

Merrion Square in Dublin. Photograph: Gareth Chaney/Collins

When will we feel safe to return to our economic and social lives?

Gardaí are planning wide-ranging operation this bank holiday weekend to ensure public adhere to travel restrictions

Government to unveil plan for lifting restrictions as pressure mounts to ease cocooning advice for over 70s

How many businesses will not be able to open the shutters at all and at what level will others operate?

Smart Money: Burden of Covid-19 economic crisis will not be shared equally

One third of businesses surveyed by Chambers Ireland have shut after  Covid-19 restrictions were put in place. File photograph: Gareth Chaney/Collins

One-third of businesses shut completely and SMEs facing cash shortages, survey shows

A Garda checkpoint in operation on the N7: The ESRI’s Dr Lunn says that for the vast bulk of people, the regulations are still guiding their daily activities.  Photograph: Dara Mac Dónaill

Research shows majority of people are nervous about a second surge of Covid-19

There is speculation that construction and non-essential manufacturing work could return  by around the middle of May. Photograph: iStock

Health and Safety Authority, unions and businesses feeding into plan

Pressure is building on the Government to introduce further support to try to get companies through the crisis. Photograph: Alan Betson

Helping tens of thousands of SMEs to reopen will be a big challenge for Government

Minister for Finance Paschal Donohoe has acknowledged that we can borrow very cheaply to spend more now, but at some stage the cost of borrowing could rise, potentially quite suddenly and significantly. Photograph: Gareth Chaney/Collins

Raising money is almost entirely absent from debate on government formation

Ireland will at some point face a budget constraint in dealing with the Covid-19 crisis, Minister for Finance Paschal Donohoe has warned. Photograph: Leon Farrell/Photocall Ireland/PA

Donohoe warns of future constraints on Covid-19 borrowings

Employees must feel safe going back to work and consumers will only start returning to shopping and eating out when they feel any risk is small. Photograph: iStock

Smart Money: Will your temperature be taken as you arrive to work? – and six other big questions

The longer this goes on, the deeper the lasting damage to the productive base of the economy – there will more companies which will never reopen or be hugely constrained if they do.

Cliff Taylor: Key to recovery is how fast restrictions can be lifted

Minister for Finance Paschal Donohoe is set to warn Ministers of the full impact of the pandemic on Ireland’s economy in 2020. Photograph:  Photocall Ireland/PA Wire

Donohoe to give Cabinet outline of Covid-19 toll on finances before submission to Europe

Social housing in Ballyfermot in Dublin.

Contractors are being notified work on such sites is seen as essential and should go ahead

Borrowing could rise to 8 per cent of national income in 2020 – or more if the restrictions drag on. Unemployment could finish the year in the 12-15 per cent range. Photograph: Bryan O Brien

New economic forecasts will provide a reality check on options for next government

Robert Watt, Secretary General for the Department of Public Expenditure and Reform: Supports equivalent to around 4 per cent of national income had been committed and more will be needed

Departments now examining how a wider system of credit supports for businesses could operate

If the go ahead does come after the May bank holiday to gradually restart activity, it is likely that work on major foreign direct investment building projects would be first in line.

New measures to combat Covid-19 will increase costs and slow projects, says CIF

A serious cash squeeze is now in place in the SME sector and threatens the future of many companies

Smart Money: Some bills can be deferred – but many cannot and these threaten the future of many companies

Fianna Fáil leader Micheál Martin and Fine Gael leader Leo Varadkar during a TV debate ahead of February’s  general election. Photograph: Niall Carson/AFP via Getty Images

Analysis: Parties promise bigger State, but don’t say how it will be paid for

Minister for Finance Paschal Donohoe. The first official Government estimates of the cost to the State of the Covid-19 crisis will come in forecasts submitted to the European Commission this month. Photograph: Leon Farrell/Photocall

Availing of European rescue funds would send the wrong message

Shuttered doors in Dublin amid the coronavirus pandemic. Photograph: Nick Bradshaw/The Irish Times

Chambers Ireland survey finds 20% of companies have laid off all of their staff

The normally bustling  Dame Lane in Dublin. Photograph: Alan Betson / The Irish Times

Smart Money: Most likely approach is to move very slowly and on a phased basis

An empty M50 in Dublin this week. Photograph: Tom Honan

Economic freeze can only go on for so long without causing longer-term damage

Ireland is  engaged in an extraordinary and  risky economic experiment. We know the initial hit is huge. What we don’t know is the long term impact. Photograph: iStock

Smart Money: half a million people are now out of work as the impact starts to bite

On one of the State’s busiest pieces of road, the M50 between junction 9 (Red Cow) and junction 10 ( Ballymount), traffic peaked at just over 3,800 in the 8-9am period this morning

On the M50 traffic peaked at just over 3,800 compared to a normal morning hourly peak of over 11,000

The construction sector employs not far off 150,000 people directly and a significant number will now have no work. Photograph: iStock

Much of manufacturing to remain open, but more offices and local services will also close

An empty Westmoreland St in Dublin city centre during the week. Photograph: Conor Pope

Wages, house prices and numbers at work will recalibrate, but Irish economy can recover

The European Central Bank has so far provided the most telling support for economies reeling under the impact of Covid-19. Photograph: Alex Kraus/Bloomberg

Latest ECB move highly significant and pushes down Irish bond interest rates

What about those taking home over €76,000? No subsidy is available for these earners.

State subsidy aims to prop up employee incomes during the coronavirus pandemic

The Government is doing what it has to do – and has moved quickly.

Inventing this from scratch over a few days means some of it is being worked out on the hoof

Staff members spray disinfectant at Wuhan Railway Station in Wuhan in China’s central Hubei province. Photograph:  STR/AFP via Getty Images

Smart Money: delicate balancing act lies ahead in paying bills and higher debt levels

A near-deserted Grafton Street in Dublin. File photograph: Dave Meehan

Economists expect a significant bounce in activity when restrictions are lifted

Stalled Dublin   retail:  Some big-name international forecasters see a significant bounce in the world economy in the second half of this year. Photograph: Nick Bradshaw

Coronavirus costs are soaring and the budget outlook has completely transformed

A near-deserted Dublin city centre.

Smart Money: The three key questions which will determine the economic price of Covid-19

European Central Bank president Christine Lagarde: The scheme will end when the ‘crisis phase’ of the epidemic is over.

ECB promises massive intervention to try to calm fears of financial turmoil

A wave of Covid-19 uncertainty has led to a huge sell-off in most asset classes, as investors choose liquidity. Photograph: iStock

Markets seeing mass sell-off as investors take refuge in cash

Prof Patrick Honohan:  ‘The timidity and suspicion that characterised too much of policy during the euro-area crisis must be avoided this time.’Photograph: James Forde/The Irish Times

Former Irish Central Bank chief in charge during financial crisis says ‘no excuse’ for delay

A key challenge for policy makers is “ to prevent a negative credit doom-loop of insolvencies in the banking system”.

Cliff Taylor: Despite dramatic action by the US central bank, investors are pricing in a rapid slump due to coronavirus

The Aldi shop in Blackrock, Co Dublin, on Wednesday. Photograph: Nick Bradshaw

We are used to mollycoddling multinationals but our SMEs now need urgent support

The Cliffs of Moher, Co Clare, a popular tourist destination. The sector faces long-term uncertainty as a result of the coronavirus. Photograph: Alan Betson/The Irish Times.

Economic damage from coronavirus crisis now inevitable

Some industries will already be cutting shifts and ditching hiring plans and it will now only be a matter of days before we hear of lay-offs, short-time work plans, protective notice, a raft of temporary closures and so on. Photograph: iStock

Smart Money: Increased Government response is sure to speed up decline in activity

Taoiseach Leo Varadkar during a media update following a meeting of the Cabinet Subcommittee on Covid-19 at Government Buildings on Monday. Photo:Gareth Chaney/Collins

Major economic shock will have big impact on government formation talks

Taoiseach Leo Varadkar: how can government-formation talks and the efforts to control the virus continue simultaneously? Photograph: Gareth Chaney

In the midst of a political vacuum, there are some really big calls to be made

Smart money: Striking new data shows tax here is low – but does it tell the full story?

 In the UK experts are saying that at the peak of the outbreak in Britain  as many as one in five people might be missing from work, implying a massive short-term disruption. Photograph: Eamonn Farrell/RollingNews.ie

Donohoe says Department of Finance will update economic forecasts next month, but any global slowdown will have implications here

Minister for Finance Paschal Donohoe speaking at the Irish Tax Institute annual dinner in Dublin on Friday. Photograph: Julien Behal

Reforms being discussed under auspices of OECD may impact on Ireland’s tax take

China and its Wuhan region are big producers of ingredients for pharmaceutical companies and some big players with operations here, such as Pfizer and Mylan, have warned about disruption. Photograph: Geert Vanden Wijngaert/Bloomberg

Supplies and health pose risks parallel to Brexit and require new financial forecasts

Cabinet office minister Michael Gove continues to insist that there will be no ‘border in the Irish Sea’. Photograph: AFP Photo / PRU

Change is coming but its nature will depend on whether or not a deal can be reached

Average weekly earnings across the economy are €773.62 per week. This works out at €40,748 for a full year. Photograph: iStock

Smart Money: Wages are rising, but not everybody is feeling it in their pocket

The data does not account for the varying level of services provided by the State in different countries in areas such as health and childcare. Photograph: iStock

Eurostat data shows over 20% of gross disposable income absorbed by taxes in 2015

More articles