Good economic news thread

FreudianSlippers

Godge wrote: »

More good news!

Yep - the tax take at €900m above target surely rebuts any silly arguments about unemployment figures being untrue.

draiochtanois

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draiochtanois

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FreudianSlippers

draiochtanois wrote: »

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Standard credit is still very expensive in Ireland compared to the UK. I wonder if we'll ever see a real reduction in that.

Calibos

draiochtanois wrote: »

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Can't come soon enough for my parents with a 200,000 Renovation Mortgage over 15 years with EBS that they took out in 2009. Lost out on their tracker when works ended up not starting within the Mortgage approval period and EBS pulled the tracker for the new approval. Then they fell for EBS's scare tactics about 'Last Chance to Fix!!' in 2011 and against my advice Fixed at 5.6% for 5 years in 2011!!. Needless to say it wasn't last chance to Fix and variable rates went down not up. Turns out they are in arrears of €20,000 which is almost exactly what the Fixed rate of 5.6% has cost them extra in the last 5 years. If EBS's variable will be 3.75% come October (according to that article) then when my parents fixed rate expires in February the monthly repayments should come down a few hundred shouldn't they?

draiochtanois

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creedp

I see from the Irish Examiner business section 7 Aug 2015 a survey of chartered accountants has found that the overall average total salary package of chartered accountants in Leinster region has increased by 13% from E89,042 in 2014 to E100,780 this year with some 72% receiving increases in excess of 10% in the last 3 years. Not bad eh! I note though in the same paper Jim Power is very concerned that 'recent soundings about public sector pay increases and an increase in the minimum wage will evitably exert upward pressure on all other wages in the system' For an economy that is so dependent on external trade and tourism, wages must not be allowed to drift upwards'.

Somehow I think Mr Power would not be too concerned about pay increases in the financial/accounting/media sectors but very much concerned about the same thing applying in the PS and low paid services sector that featherbeds the wellheeled. Certainly a case of what's sauce for the goose is not sauce for the gander!

draiochtanois

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creedp

draiochtanois wrote: »

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I suppose just like the AIB increasing pay for all it key skilled low paid staff earning under €100k. In that case its OK because the mortgage holder, particularly the variable/fixed mortgage holder, is prepared to be screwed to fund it as well as subsidise the mother of all fcuked up busines decision that was the tracker mortgage. I suppose its a similar situation with the accountants in that after all we have a very expensive services sector in Ireland in any case so lavishing on pay/remuneration package increases for key skilled staff won't make any difference really.

draiochtanois

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creedp

draiochtanois wrote: »

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As I said its seems OK to increase banking/financial services sector costs or it seems industry costs .. I suppose no one has to pay for it

Quin_Dub

creedp wrote: »

As I said its seems OK to increase banking/financial services sector costs or it seems industry costs .. I suppose no one has to pay for it

Private companies can do what they want...

Completely and totally unrelated to discussions about Public Sector pay or Government enforced pay increases.

BoJack Horseman

creedp wrote: »

As I said its seems OK to increase banking/financial services sector costs or it seems industry costs .. I suppose no one has to pay for it

Are you implying that no one should enjoy improved pay, unless all enjoy the same?

creedp

BoJack Horseman wrote: »

Are you implying that no one should enjoy improved pay, unless all enjoy the same?

Well I've heard plenty from certain categories of people labelling others as me feiners and national sabotuers for seeking improved terms and conditions while their organisation/the State was in debt. I'm also hearing constantly that the professional services sector in this countyry is badly in need of reform to ensure it can positivley contribute to improving the competitiveness of this small open economy. Other than that I'm not implying anyting special.

creedp

Quin_Dub wrote: »

Private companies can do what they want...

Completely and totally unrelated to discussions about Public Sector pay or Government enforced pay increases.

Of course it is .. belt tightening is for others to ensure while benefing from economic improvement is for everyone else. Glad to see the economy is improving .. but as Jim Power says we can't allow pay increases to erode our cost competitveness now can't we.

ezra_pound

Quin_Dub wrote: »

Private companies can do what they want...

Completely and totally unrelated to discussions about Public Sector pay or Government enforced pay increases.

Are you related to a certain Mr. Sean Quinn by any chance quin dub? You know, another genius who thinks private companies should be free to do as they please and help destroy the entire country.

K-9

Quin_Dub wrote: »

Private companies can do what they want...

Completely and totally unrelated to discussions about Public Sector pay or Government enforced pay increases.

But it has a knock on effect if the PS wants to try and offer wages that can in anyway compete.

ezra_pound

http://www.irishtimes.com/business/analysis-buoyant-tax-revenues-to-help-drive-economic-recovery-1.2337994

http://www.irishtimes.com/news/politics/tax-surge-adds-to-calls-for-more-spending-in-budget-1.2337979

http://www.irishtimes.com/business/economy/exchequer-numbers-strengthen-government-s-hand-1.2337917

More good news for Enda!

omicron

Annual GDP growth at 6.7%, Q2 had 1.9% growth.

Nichard Dixon

omicron wrote: »

Annual GDP growth at 6.7%, Q2 had 1.9% growth.

Let the good times roll.
http://www.independent.ie/business/world/economy-to-grow-faster-than-chinas-cantor-31546851.html

Sand

Nichard Dixon wrote: »

Let the good times roll.
http://www.independent.ie/business/world/economy-to-grow-faster-than-chinas-cantor-31546851.html

As Noonan has stated, its definitely a good time to remove the loose and temporary shackles the Central Bank has placed on mortgage lending. Double down on credit fuelled success. Cant go wrong.

blackcard

creedp wrote: »

I see from the Irish Examiner business section 7 Aug 2015 a survey of chartered accountants has found that the overall average total salary package of chartered accountants in Leinster region has increased by 13% from E89,042 in 2014 to E100,780 this year with some 72% receiving increases in excess of 10% in the last 3 years. Not bad eh! I note though in the same paper Jim Power is very concerned that 'recent soundings about public sector pay increases and an increase in the minimum wage will evitably exert upward pressure on all other wages in the system' For an economy that is so dependent on external trade and tourism, wages must not be allowed to drift upwards'.

Somehow I think Mr Power would not be too concerned about pay increases in the financial/accounting/media sectors but very much concerned about the same thing applying in the PS and low paid services sector that featherbeds the wellheeled. Certainly a case of what's sauce for the goose is not sauce for the gander!

I don't know why anyone would listen to a useless twat like Jim Power. Where was he when the economy was spiralling out of control? His panacea for everything seems to be to cut everyone's salary (except for people at the top like himself)

Mongfinder General

blackcard wrote: »

I don't know why anyone would listen to a useless twat like Jim Power. Where was he when the economy was spiralling out of control? His panacea for everything seems to be to cut everyone's salary (except for people at the top like himself)

Most people's attitude is "cut what you like as long as you don't cut me". Any pay increase above 34k is hit with 52% tax (not allowing for pension cons). The govt aren't worried about piddly1-2% increases in public sector pay. They're taking most of it back in tax!

ezra_pound

Mongfinder General wrote: »

Most people's attitude is "cut what you like as long as you don't cut me". Any pay increase above 34k is hit with 52% tax (not allowing for pension cons). The govt aren't worried about piddly1-2% increases in public sector pay. They're taking most of it back in tax!

The 34k only applies to single people.

nice_guy80

ezra_pound wrote: »

The 34k only applies to single people.

I don't know why the tax system favours married people

Surely that is discriminatory?

K-9

nice_guy80 wrote: »

I don't know why the tax system favours married people

Surely that is discriminatory?

Not that much really. The tax bands allow a couple to earn more @ 20% because of well being 2 people. Children also comes into it, single parent tax credits and increased thresholds.

Nichard Dixon

Sand wrote: »

As Noonan has stated, its definitely a good time to remove the loose and temporary shackles the Central Bank has placed on mortgage lending. Double down on credit fuelled success. Cant go wrong.

ESRI predict 6% growth, as a result, income per capita is now back at the level it was at the previous peak in 2007.

http://www.rte.ie/news/2015/0930/731277-ersi-growth-forecast/

They suggest that Noonan not boost the economy further with tax cuts and the like.

Will he listen? What do you think?

Calibos

I certainly don't want to see pro-cyclical policies gong forward or more tax cuts in Budget 2016 but I'll accept this budgets cuts if they are more a way of drawing a line in the sand that the economic crisis is truly over to finally jolt consumer sentiment out of its bottom bouncing and back into a consistent upwards trajectory. When consumer sentiment isn't always rational, sometimes you need to do some things that aren't entirely rational to steer consumer sentiment in the right direction.

draiochtanois

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Nichard Dixon

draiochtanois wrote: »

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What is the proper amount of tax, was the tax collected during the boom the right model? And even if there might be scope for reducing tax then waiting until growth begins to slow might be the time to do it, counter cyclical don't you know.