The Irish economy is expected to fall into a recession this year and the Government may have less Budget cash to spend than it initially had estimated The Economic and social research institute has warned.
In its latest quarterly forecast, the ESRI has reported that domestic sectors are set to grow while some multinationals falter.
With prices higher than expected and the jobless rate at record lows, the think-tank has warned the Government against tax cuts on Budget Day that go above and beyond inflation.
Ahead of the Budget next week, the ESRI highlighted “domestic pressures” which could add to high prices, and instead suggested investing in infrastructure.
“Not withstanding the moderation in activity domestically and the slowdown in international trade, the domestic Irish economy is presently operating at capacity, in particular in relation to employment intensive sectors like construction,” it said.
The ESRI has also said this is the first time there has been negative GDP growth since 2012 and comes after Ireland experienced two quarters in a row with falling GDP – the technical definition of a recession.
Sinn Féin will propose a package of €6.8 billion in its alternative 2024 Budget, which will be published later today.
The party said it would deliver €1.35bn in cost-of-living measures to give households certainty this winter.
Amongst the proposals are a reduction to the price at which electricity suppliers can charge households. The change would see prices remain at pre-crisis levels until April at a cost of €642m.The party would also extend the reduced excise duty rate for petrol and diesel and it would scrap the carbon tax increase planned for later this month.
Speaking on RTÉ’s Morning Ireland, Sinn Fein spokesperson on finance Pearse Doherty said the budget is “about building homes, it’s about supporting workers and families, and it’s about investing for the future. And that investment for the future, a large part of that is actually on the issues of climate change.”
The 17-acre former St Patrick’s Complex on the Kells Road is to be acquired by Kilkenny County Council and transformed into temporary accommodation for hundreds of Ukrainians.
A majority of elected members voted in favour of the local authority acquiring the site on the outskirts of the city for this purpose at a special council meeting on Friday.
The council has negotiated a ‘letter of intent’ for a five year term for use of the site as temporary accommodation.
The refurbishment of existing residential units will be carried out in three phases over 12 months and the buildings will accommodate up to 257 Ukrainians for a period of two years, with the option for International Protection Applicants (IPAs) for year three.
Over the next five years, while the site is used for temporary accommodation, Kilkenny County Council will seek input from elected members and the public to determine the long-term use of the site as it will be a substantial landbank close to the city. This will include the long-term use of all the assets on the site including the sports hall, swimming pool, training centre and the main building
Loan finance of €3.5 m i l l io n will be required to purchase the site and this is to be repaid by the Department of Children, which will also cover running costs of the operation.
There were 45 people accessing emergency accommodation in Kilkenny in the last full week of August, according to the latest report from the Department of Housing.
This figure is one fewer than the figure recorded for July but still more than June and May which recorded figures of 43 and 35 respectively.
There were 242 people accessing emergency accommodation in the last full week of August across Carlow, Kilkenny, Tipperary, Waterford and Wexford. Nationally, the report shows a reduction of 156 individuals across the country when compared with the figures released in July
There are 13 patient (s) waiting on trolleys in the emergency department at St Luke’s Hospital, Kilkenny today and 4 patient (s) waiting on the wards. That’s according to the latest daily INMO trolley watch figures.
Roadworks continue on the N77 Ballyragget to Kilkenny Road from Clintstown to George’s Tree. Traffic Management including Stop/Go will be in place Monday-Friday, 8am to 6pm daily. Delays are to be expected.
Kilkenny County Council advise that A stop-Go Traffic System will be in place on Wednesday 4th & Thursday 5th October 7am – 7pm on the L1026 Kells Road from its junction with the L-1027 Kells Village to its junction with the L-5065 Haggard to facilitate roadworks.
Delays are to be expected. Kilkenny County Council apologises for any inconvenience caused.
Weather
Today will bring a fair amount of dry weather and a few showers. There’ll be a fair amount of cloud and some brighter intervals also. Highest temperatures of 14 to 16 degrees with moderate to fresh southwest winds, easing in the evening.
Tonight will be mostly cloudy. It will be mainly dry in the early night. After midnight, rain will spread eastwards extending to most areas by dawn. Lowest temperatures of 10 to 13 degrees with light to moderate south to southwest winds, fresher near coasts.
