The Government is set to unleash a tax-and-spending package worth more than €5 billion in a bid to woo back angry voters in key elections next year, according to the Sunday Business Post.
Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe are readying a plan to increase core spending by more than €4 billion next year and cut taxes by over €1 billion as the Coalition seeks to win voter support ahead of pivotal local and European elections next May and a possible general election the following autumn.
McGrath and Donohoe are preparing to sign off on the parameters for Budget 2024 this week when they announce details of the Summer Economic Statement on Tuesday.
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The increase in spending comes after a flurry of warnings from economic experts in recent weeks that the Government risks fuelling inflation if it overstimulates the economy through excessive tax cuts and increased spending.
The Irish Fiscal Advisory Council, Central Bank of Ireland and Economic and Social Research Institute have urged the Government to limit spending growth to 5 per cent this year or risk “overheating” and “unbalancing” the economy.
Some 30 parties have expressed interest in buying land bank beside Dublin Airport
The Business Post reported that several European-based airport operators have expressed an interest in buying the 260 acres of lands adjacent to Dublin Airport that was recently put on the market, according to selling agent JLL.
Overall, about 30 parties have expressed an interest in buying the land, said the commercial property company.
Meanwhile, in an interview with the Sunday Times, Ulick McEvaddy, an aviation entrepreneur who along with his brother Des and others own the land that has been put up for sale, rejected the suggestion from Dublin Airport Authority (DAA) chief executive Kenny Jacobs that the State-owned company was the only likely buyer for the site. “He’s trying to talk down the value of the land but we ain’t conceding because we have many interested partners — venture capital funds, airlines,” he said.
Dublin Airport staff’s pay and benefits compromised in cyberattack
Pay and benefits details of about 2,000 staff members at airport operator DAA were compromised as a result of a recent cyberattack on Aon, the management consultants, according to the Sunday Times.
The DAA was one of many global companies affected by the attack on the file transfer software tool MOVEit, used by Aon, last month. The services firm is contracted by DAA to compile and print personalised total rewards statements for some employees.
A DAA spokesman said: “DAA can confirm that as a result of a recent cyberattack on Aon, a third-party professional service provider, data relating to some employees’ pay and benefits was compromised. DAA takes the security of sensitive personal information extremely seriously and has notified the Data Protection Commission.”
Shell trading Russian gas more than a year after pledging to withdraw from Russian energy market
Shell was involved in nearly an eighth of Russia’s shipborne gas exports in 2022, according to analysis from campaign group Global Witness, the BBC is reporting.
Oleg Ustenko, an adviser to Ukrainian president Volodymyr Zelenskiy, accused Shell of accepting “blood money”.
Shell said the trades were the result of “long-term contractual commitments” and do not violate laws or sanctions.
As recently as May 9th, a vast tanker capable of carrying more than 160,000 cubic metres of gas compressed into liquid form — liquefied natural gas or LNG — pulled out of the port of Sabetta, on the Yamal peninsula in Russia’s far north.
Deloitte calls for review of personal tax rates and bands ‘to attract and retain top talent’
Professional services firm Deloitte Ireland has called on the Government to review personal tax rates and bands to help the country attract and retain top talent, according to a report in the Sunday Independent.
In its 2024 pre-budget submission, Deloitte said this could be done via an increase in the standard rate cut-off point to €50,000 and a reduction in the higher income tax to 40 per cent.
Speaking about Deloitte’s 2024 pre-budget submission, Daryl Hanberry, head of tax and legal and partner at Deloitte, said a roadmap to demonstrate to workers when and how the “personal tax burden” will be reduced would be critical.
