Forward Look
The President of the European Parliament, Roberta Metsola, will visit Ireland next month.
The Exchequer collected a record €83bn in tax last year. The increase has been attributed to higher levels of corporation tax, income tax and VAT.
Finance Minister Michael McGrath has warned that the cost of goods and services will remain high throughout the year despite a slowdown in inflation.
Senior sources in the hospitality sector have said that they believe they can convince the government to extend the 9% VAT rate for food and drink venues. The VAT rate is due to return to 13.5% from March 1.
Despite progress on the Northern Ireland Protocol negotiations, it is unlikely the deal will not be complete before the Good Friday Agreement commemorations.
Cormac Devlin TD has been appointed as Fianna Fáil Chief Whip and Deputy Government Whip.
The Irish Nurses and Midwives Organisation says it will open a consultation process with its members about industrial action following a record number of patients stuck on hospital trolleys across the country.
The European Central Bank predicts wage growth will be “very strong” in the coming quarters, strengthening the case for more interest-rate hikes.
Support for Sinn Féin has fallen by two points according to the most recent Sunday Independent/Ireland Thinks poll.
The latest insolvency barometer from PwC says that 1,000 Irish companies could go out of business in 2023.
Other Stories this week
Employment at Enterprise Ireland backed firms rose by 5% last year.
The Central Statistics Office has published Ireland 2022: The Year in Numbers Business and Economy. The snapshot of the Irish economy and business environment in 2022 can be accessed HERE.
Unemployment fell to 4.3% in December, the lowest in two decades.
Activity in the Irish service sector has increased for the first time in five months. Senior economist at S&P Joe Hayes says that this tentatively points to the contraction in the economy to be milder than anticipated.
Government Ministers held a special meeting at Farmleigh on Tuesday to outline government priorities over the next six months.
Irish universities were given a €139 million pensions bailout after officials warned that they were running out of money to pay retired staff who are living longer.
The National Treasury Management Agency raised €3bn in funding, the proceeds from which must be spent on environment initiatives and infrastructure.
Meta has been fined €390m over GDPR privacy breaches. It brings the total Meta has been fined to €1.3bn.
Upcoming key political and business events
18 January, Dáil returns from Christmas recess.
20 January, Chartered Accountants Ireland Annual Dinner, Convention Centre Dublin.
25 January, BioPharma and Lifesciences Connected, Radisson Blu Hotel, Cork.
2 February, The Irish Times Business Awards, Round Room, Mansion House.
Consultations
Bioeconomy Action Plan Consultation. Deadline 27 January.
Consultation on developing an Electricity Storage Policy Framework for Ireland. Deadline 27 January.
Public consultation on the proposed EU AI Liability Directive. Deadline 20 January.
National Cyber Security Strategy 2019-2024 Mid-Term Review Consultation. Deadline 31 January.
Literacy, Numeracy and Digital Literacy Strategy Consultation. Deadline 19 December.
National Risk Assessment 2023 – Public Consultation. Deadline 17 February.
Public Consultation on Pay Related Benefit for Jobseekers. Deadline 28 February.