Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
THE ECONOMIC RECOVERY sub-Cabinet committee is meeting today to discuss the government’s much-heralded July stimulus package.
Tánaiste Leo Varadkar has said the stimulus plan which aims to boost jobs and help businesses after the Covid-19 pandemic will be “radical and far-reaching”.
The July Jobs Stimulus Plan will be unveiled in the last week of this month.
Government ministers will today look at the options which will include an enhanced Restart grant for businesses, which currently offers a minimum payment of €2,000 and a maximum payment of €10,000.
The extension of commercial rates waivers for the rest of the year will also be considered today, as will the reduction in some business taxes.
There will also be a discussion today around the extension of the Wage Subsidy Scheme, with expectations that it will be extended beyond August, and perhaps to the end of the year for some sectors.
Access to cheaper loans is also on the cards for businesses, something that many TDs have called for. Criticism has been levelled at the government’s loan schemes due to the interest rates ranging from between 4.5%-5.5%.
TDs, such as Fianna Fáil’s Robert Troy and Independent TD Denis Naughten, have called for loans to have interest rates as low to zero as possible. They also want the loans to be interest-free for at least one year.
Other ideas and incentives will also be considered today. It has been reported that discussions are underway around extending the TWSS to new hires that companies make in a bid to boost employment.
Actions that can be taken quickly and that will have an impact quickly are understood to be the government’s main focus.
The July stimulus will also allow for the warehousing of tax liabilities for businesses. The government’s MicroFinance Ireland loan scheme will also be scaled up.
Additional measures on how to support the sectors that have been most impacted by the public health emergency, such as hospitality, retail, entertainment, arts, and leisure sectors, will also be debated today.
Yesterday, Varadkar confirmed the July stimulus package will have a particular focus on sectors which employ large numbers of younger people, such as hospitality, retail, tourism and leisure, and perhaps construction as well.
“Radical action is required if we want unemployment to fall – youth unemployment and unemployment more generally,” he said.
The July stimulus will be followed up with more long-term actions in the National Economic Plan on Budget Day in October.
Today’s meeting takes place against the backdrop of comments by the chief executive of IDA Ireland Matt Shanahan who has warned that the outlook for Foreign Direct Investment (FDI) over the next two years looks “very challenging” due to Covid-19.
The IDA reports a 6% drop in new investments during the first six months of this year compared to the same time last year.
“At this point, existing FDI is looking, for the most part, resilient, but it is not immune; it is early days and a prolonged battle against the virus where sectors remain closed here or elsewhere could change this situation.
“Sectors are dealing with a supply-side and demand-side shock. The pandemic and the subsequent economic shock has impacted on sectors differently with some sectors impacted more than others,” said Shanahan.
Today’s meeting on the July stimulus is being chaired by Varadkar, the new Minister for Enterprise, Trade and Employment, and is being attended by all the key government players – Taoiseach Micheál Martin, Finance Minister Paschal Donohoe, and Public Expenditure Minister Michael McGrath.
Minister for Climate Action, Communications Networks and Transport Eamon Ryan, Minister for Media, Tourism, Arts, Culture, Sport and the Gaeltacht Catherine Martin and Social Protection Minister Heather Humphreys will also be in attendance.
To embed this post, copy the code below on your site
It’s my fault folks. I took my BBQ out of storage and cleaned it yesterday. I’m cursed. Last summer I bought a brand new garden furniture set. Then, 3 days later it rained for 2 months.
@Peter Cavey: We’ll remember this…
@Peter Cavey: Yep, it’s all your fault.
@Peter Cavey: thank you for the laughs. Needed that today!
@Peter Cavey: oh
@Peter Cavey: Typical Peter isn’t it!!
@Peter Cavey: In order to give us a fighting chance of decent weather, I trust the BBQ is back in storage and will remain there for the duration of the summer
@Peter Cavey: So funny. I know how you feel. We made a big investment in our garden in 2007 and it rained for five years.
@Peter Cavey: not the only one. Got new outdoor furniture yesterday too
That’s it! Summer is over for another year. When you think of it, it’s been like this the last number of years. We get a great week or so (7-8) days of sunny weather then it rains until September. Maybe after all Nostradamus was correct in his prediction, that the time will come when man can’t tell the difference between the seasons anymore. Certainly feels like it anyway today :-D
@Brian Kelly: short memory, we had a glorious Summer last year throughout lockdown and afterwards.
@Eoin Hennigan: I just remember Irish Water ruining it for everyone, the day they announced a hosepipe ban it rained for weeks in July
@Eoin Hennigan: rained June July and August
@Eoin Hennigan: no!…. we had a great week in the very first lockdown then it went downhill. It was just back to normal Irish weather. Rain and showers. I’m a weather fanatic lol.
@Eoin Hennigan: we got all our sun in the first couple of weeks of lockdown when it was to early to have proper warmth. June had 28%, July 33% and August 24% more rain than the average year. So all in all summer last year could be considered a wash out.
@Eoin Hennigan: No we didn’t, late April & May were stunning, so much so that Irish Water were threatening water shortages. However after the June Bank Holiday it was the usual Irish Summer of a few good days here and there, so it most certainly was not a glorious Summer.
@Brian Kelly: last year, it was above average temperatures and dry and sunny all through second half of March, all of April, May and the first two weeks of June. We were told not to water the flowers because of drought conditions. Summer 2018 was lovely as well.
@Pauline Gallagher: You must be one of these Irish People who thinks it’s a lovely day if it’s not raining.
@Eoin Hennigan: 100%
@Brian Kelly: it was nearly two months of good weather last spring.
Few showers, be grand.
Damn it, was really enjoying the lovely weather!
“met eireann forecasts rain for most of the week ” says the journal headline. reads on tommorrow will be cool and dry ?
@ed w: most of the week not all of the week.
Great news :)
But… Where is the news? Actually this is a fact.
@Maximilian Cope: you implying normally news had no facts? Or is generally devoid of them?
@Maximilian Cope: If you want some bizarre news how about this?
https://www.straitstimes.com/asia/east-asia/russian-man-trapped-on-chinese-reality-tv-show-finally-voted-out
have your say