Government’s €7bn stimulus plan delayed due to EU leaders’ talks

Publication of the Government’s €7 billion “July jobs” stimulus plan has been pushed back until later this week due to delays in talks between EU leaders over the Covid-19 rescue fund.

The publication could drift until Thursday, sources on Monday night believed, though Ministers and officials are continuing to work on making final touches to the stimulus plan.

A significantly expanded €2 billion credit guarantee scheme is expected, along with increased business reopening grants and an extension of the commercial rates waiver.

Ministers are expected to grant rates relief to businesses that remained partially open – for example, a restaurant or café serving through a hatch – who were original ruled out of the scheme.

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Minister for Finance Paschal Donohoe is working on a tax rebate to encourage domestic tourism.

The Temporary Wage Subsidy Scheme and the Pandemic Unemployment Payment are both due to be extended, although there are indications the PUP may be tapered over time.

Greater resources for adult education and apprenticeships are also due, while those on the unemployment payment will be encouraged to learn new skills if they cannot immediately find employment.

Once the measures are in place the attention will switch to designing a longer-term economic plan to deal with the fallout from the Covid-19 crisis, to be published at the same time as the budget in October.