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Central Bank warning, Dublin house prices slide and getting the most out of your savings

Business Today: the best news, analysis and comment from The Irish Times business desk

The Central Bank criticised the Government's spending plans.

Peter Flanagan's face
Peter Flanagan
Tue Sep 19 2023 - 06:31

The Government’s planned budgetary package risks keeping inflation higher for longer, the Central Bank of Ireland has warned. Proposed changes to income tax and spending increases above the 5 per cent spending rule, were likely to “amplify demand in an economy already operating at capacity”, the bank said in its latest quarterly bulletin. Eoin Burke-Kennedy reports. The warning comes as the Central Bank downgraded the nation’s economic growth forecasts.

Eoin also reports that higher mortgage costs are continuing to take the heat out of the property market with prices rising at an annualised rate of just 1.5 per cent in July, with Dublin prices dropping the most in three years.

Local radio stations will have to sign up to new commitments on Irish language programmes when their licences are being renewed, the media regulator has decided. John Burns has the story.

In her column, Bernice Harrison looks at the new road safety campaign, and if marketing drive to reduce road deaths can work.

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The Government should increase the tax-free threshold of its rent-a-room scheme from the current level of €14,000 in order to combat the State’s growing accommodation crisis, according to most respondents to a survey carried out by Taxback.com. Joe Brennan reports.

Cantillon assesses the increasing politicisation of the Budget, while also looking at what lies ahead for Kingspan’s planned takeover of Nording Waterproofing.

Grocery price inflation has fallen to its lowest level in a full year and has now declined for the fourth successive month, with retail analysts Kantar suggesting the rate of price growth will ease further as the year comes to an end. Conor Pope reports.

Food group Glanbia has signed up as the lead sponsor of Kilkenny’s camogie team, having previously backed the team under the Avonmore brand, which is now under different ownership. Ciaran Hancock has the details.

Wine sales in the Republic remained below pre-pandemic levels last year as per capita consumption continued to fall in line with a general trend towards more moderate drinking. Ian Curran has the story.

Four shareholders of a liquidated company must now pay a combined income tax bill of €1.56 million after they lost an 11-year-long tax battle with Revenue Commissioners concerning a €7.59 million payout arising from the voluntary liquidation of the company at the Tax Appeals Commission. Gordon Deegan has read the commission’s report.

Dublin-based agricultural technology company Micron Agritech has raised €2.7 million in funding. Colin Gleeson reports.

Colin also reports that Irish oil explorer Petrel Resources incurred a loss of €164,206 in the six months to end of June as the company warned of “significant doubt” on its ability to continue as a going concern.

In Your Money, Fiona Reddan details how you can maximise returns on your savings, while Dominic Coyle looks at the options available to boost savings for a grandchild.

In Me & My Money, screenwriter Susan E Connolly talks through her finances.

Finally StockTake looks at should Smurfit Kappa shareholders be celebrating its planned takeover of WestRock.

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