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The Irish Economy thread .. ( Income, Cost of living, Retail, Local Biz, FDI etc )

Gin Soaked

Member
Nov 28, 2018
449
381
Just because one has the money to buy something doesn’t necessarily mean one can afford it.
I changed the car earlier this year. I handed in my bank statements and had my wife's as well. My salary pays all the mortgage, house and insurance stuff. We "live" on hers.

They didn't need to see hers, they did not disclose hers to the bank. She earns a good bit more. Yet I passed. All the bank cared was "does this guy pay his loans on time?". Affordability was not considered.

We are not stupid. Car loan is <5% of net monthly cash. But the loan algorithm did not know that.
 

T. Leaf

Member
Nov 28, 2018
2,367
1,854
Why are so many of us skint? Because were spurned a massive opportunity to reset all the economic norms in the aftermath of the crash, in favour of repeating the previous cycle.
Indeed. The first opinion of government and businesses seemed to be that house prices needed to start rising again … just 12 months after house prices had risen so far that only billionaires could afford them.
 
Mar 1, 2019
1,745
1,578
Indeed. The first opinion of government and businesses seemed to be that house prices needed to start rising again … just 12 months after house prices had risen so far that only billionaires could afford them.
I'm sorry, but this is bullshit.
 
Mar 1, 2019
1,745
1,578

Robutnua

Member
Nov 28, 2018
13,848
6,260
From august this year:

US firms make $83bn profits in Ireland - INDO

"US firms booked $83 billion in profits in Ireland in 2017, more than in Germany, France, Italy, China, Mexico & India combined," Professor Gabriel Zucman, one of the world's leading experts on corporate taxes, wrote on his Twitter feed.

Professor Zucman said the data showed the effective tax rate for these companies here was just 4.3pc.

"Ireland remains the #1 tax haven," Professor Zucman claimed.
How long can we keep doing this and get away with it so to speak? OR do we care, fck em, they are jealous ( as in the rest of the world/EU )?
 

soccop

Pavlov rings my bell.
Staff member
Moderator
Member
Nov 28, 2018
10,445
10,122
Temporally dislocated.
Somehow I find this vaguely concerning:

Google is set to dwarf its tech peers in terms of its Dublin presence however. The delivery of the company’s new 36,850sq m (396,660sq ft) office complex at Boland’s Quay will bring its overall footprint to one million sq ft of office space on Barrow Street and in the area surrounding Grand Canal Quay.

 

Derryman

Member
Feb 17, 2019
6,300
7,141
Derry
Somehow I find this vaguely concerning:

Google is set to dwarf its tech peers in terms of its Dublin presence however. The delivery of the company’s new 36,850sq m (396,660sq ft) office complex at Boland’s Quay will bring its overall footprint to one million sq ft of office space on Barrow Street and in the area surrounding Grand Canal Quay.

Why?
 

soccop

Pavlov rings my bell.
Staff member
Moderator
Member
Nov 28, 2018
10,445
10,122
Temporally dislocated.
What bothers me about is that Dublin seems fantastically capable of building large and expensive office buildings, but massively incapable of building the infrastructure needed to sustain it.
The traffic is at a virtual standstill most days and such public transport as works efficiently is packed.
 

hollandia

Literally knows shit
Staff member
Moderator
Member
What bothers me about is that Dublin seems fantastically capable of building large and expensive office buildings, but massively incapable of building the infrastructure needed to sustain it.
And yet any attempts at improvement are nimbyed on an industrial scale. See the airport rail link, and the enhanced bus corridors.

"It's terdible, Joe, terdible. I'll lose half me garden, Joe. "

Rinse, and repeat.
 
D

Deleted member 146

Guest
The traffic is at a virtual standstill most days and such public transport as works efficiently is packed.
It just doesn't make sense. Tax wise Ireland is a hugely attractive place to do business and I don't have much of an issue with that. But +1k increases in staff or whatever just aren't sustainable if we don't have built infrastructure to support it. So make it a requirement for the developers of those office spaces to contribute towards it. X% of the cost of the development to be paid into a fund to invest in public transport, to invest in integrated social housing, in local communities and education.

They will still build these places because Linkedin and Facebook or whoever will still want to be here, but their staff will too because they can live a life that isn't ruined by expensive sub-standard accommodation, services and wild commutes. It doesn't take much to think that way and make changes.
 

Kongming

Member
Mar 13, 2019
3,799
2,392
It just doesn't make sense. Tax wise Ireland is a hugely attractive place to do business and I don't have much of an issue with that. But +1k increases in staff or whatever just aren't sustainable if we don't have built infrastructure to support it. So make it a requirement for the developers of those office spaces to contribute towards it. X% of the cost of the development to be paid into a fund to invest in public transport, to invest in integrated social housing, in local communities and education.

They will still build these places because Linkedin and Facebook or whoever will still want to be here, but their staff will too because they can live a life that isn't ruined by expensive sub-standard accommodation, services and wild commutes. It doesn't take much to think that way and make changes.
It’d require entirely too much cooperation and buy-in.
 

Robutnua

Member
Nov 28, 2018
13,848
6,260
Adrian Cummins, chief executive of the Restaurants Association of Ireland, acknowledged the deluge of recent closure announcements at the launch of the Irish Restaurant Awards 2020, in Dublin on Wednesday.

“We have seen some casualties in the first few days of January. I know of eight restaurants that have closed,” he said. That number continues to rise at an alarming rate. Fallon & Byrne shuttered its Rathmines branch on January 2nd. A week later the owners of Amuse, the high-end Franco-Asian restaurant on Dawson Street in Dublin, also confirmed their decision to close.
In Co Cork, Mews is not the only restaurant to go out of business this month. Richy’s, and Deasy’s, both in Clonakilty, have also closed and Arundel’s By the Pier, in Ahakista, will close on January 18th.
Lots more this year I would say ...
 

Derryman

Member
Feb 17, 2019
6,300
7,141
Derry


“Sexist economies are fuelling the inequality crisis – enabling a wealthy elite to accumulate vast fortunes at the expense of ordinary people and particularly women and girls,” said chief executive of Oxfam Ireland John Clarken. “Our upside-down economic system deepens inequality by chronically undervaluing care work – usually done by women and girls.”
He added: “Unpaid care work is the ‘hidden engine’ that keeps the wheels of our economies, businesses and societies moving.”
 

soccop

Pavlov rings my bell.
Staff member
Moderator
Member
Nov 28, 2018
10,445
10,122
Temporally dislocated.

soccop

Pavlov rings my bell.
Staff member
Moderator
Member
Nov 28, 2018
10,445
10,122
Temporally dislocated.
Why is it impossible to spend them?
They are called capital levies so can only be spent on capital projects and subject to DOEHLG Approval-- this is never forthcoming. The private sector don't make money if las spend capital sums I guess
 

ted08

Member
Jan 7, 2019
3,233
3,030
They are called capital levies so can only be spent on capital projects and subject to DOEHLG Approval-- this is never forthcoming. The private sector don't make money if las spend capital sums I guess
While they may often use them as their part of the pot for a project along with whatever money from departments for projects, they can spend it as they see fit for roads, paths, community facilities etc. And they have to spend it within 7 years or can be reclaimed. The biggest one I came across was over 7 million for Microsoft office (boom boom) in Sandyford.
 

Robutnua

Member
Nov 28, 2018
13,848
6,260

Im sure many here would not be at all surprised at this news.

+27.3% above average across the EU.

Nearly there lads, 2nd from the top .. one more to go to be best boy in class at this one too.. lets go for it!!
 

curio

Member
Feb 26, 2019
4,007
3,666
Wages in the same industry in the UK are 30% less and I didn't see much value in lower rent when rates and council taxes are added. I'm definitely saving a hell of a lot more in Ireland than I was in England.
 

publicrealm

Member
Nov 27, 2018
7,605
10,389
Bump.

Questions being asked

Imports of pharmaceuticals have increased from $65 billion in 2006 to $151 billion in 2019. As a result, the trade deficit in pharmaceuticals has increased from $32 billion at the end of 2006 to $93 billion in March of this year. That is about 0.4 percent of US GDP, or just under 10 percent of the total trade deficit in manufactures.

The bulk of these imports are from countries that pay high wages. The two biggest sources of imports are Ireland and Switzerland. Many of the usual arguments around the gains to consumers from trade don't really apply here. The imports are of patent protected goods, so they don't expand consumer choice. And U.S. pharmaceutical prices are notoriously high—imports from Ireland and Switzerland haven't brought U.S. pharmaceutical prices down to European levels. The bulk of the gains from trade here almost certainly go to the owners of the pharmaceutical companies who benefit from lower taxes. And the main loser is the U.S. Treasury. Right now, the United States pays the highest prices in the world for its medicines (many of which derive from NIH research) while U.S. pharmaceutical companies are often taxed at quite low effective rates.



https://www.cfr.org/blog/irish-shock-us-manufacturing
 

curio

Member
Feb 26, 2019
4,007
3,666
Bump.

Questions being asked

Imports of pharmaceuticals have increased from $65 billion in 2006 to $151 billion in 2019. As a result, the trade deficit in pharmaceuticals has increased from $32 billion at the end of 2006 to $93 billion in March of this year. That is about 0.4 percent of US GDP, or just under 10 percent of the total trade deficit in manufactures.

The bulk of these imports are from countries that pay high wages. The two biggest sources of imports are Ireland and Switzerland. Many of the usual arguments around the gains to consumers from trade don't really apply here. The imports are of patent protected goods, so they don't expand consumer choice. And U.S. pharmaceutical prices are notoriously high—imports from Ireland and Switzerland haven't brought U.S. pharmaceutical prices down to European levels. The bulk of the gains from trade here almost certainly go to the owners of the pharmaceutical companies who benefit from lower taxes. And the main loser is the U.S. Treasury. Right now, the United States pays the highest prices in the world for its medicines (many of which derive from NIH research) while U.S. pharmaceutical companies are often taxed at quite low effective rates.



https://www.cfr.org/blog/irish-shock-us-manufacturing
Well their healthcare provision is geared towards profit so things like the EU medical procurement fund wouldn't be allowed as it would minimise shareholder return. If all the pharma operations in Ireland moved production back to the USA consumers there would still be getting fleeced by a healthcare system whose priority is shareholder return rather than national health.
 

soccop

Pavlov rings my bell.
Staff member
Moderator
Member
Nov 28, 2018
10,445
10,122
Temporally dislocated.
Exchequer deficit steady, tax up:

 

Shaadi

Member
Feb 16, 2019
2,594
2,890
Very bad news for us. Biden will sink us yet. Bring back Trump.....well, maybe not.
A small bit of sinking would probably be a good thing. Here we are ( Pandemic aside ) with full employment and the younger generation are miserable with sky high rents and house prices.

A bit of cooling down and depopulation wouldn't be the worst thing in the world. The UK may be on to something, crash your economy and things become affordable 😃
 

snorlax

Member
Dec 11, 2019
2,026
1,948
A small bit of sinking would probably be a good thing. Here we are ( Pandemic aside ) with full employment and the younger generation are miserable with sky high rents and house prices.

A bit of cooling down and depopulation wouldn't be the worst thing in the world. The UK may be on to something, crash your economy and things become affordable 😃
We did that already in 2008 and property finally became affordable. But FF and the Greens set up NAMA and sorted that out straight way and within a few years, property was back to unaffordable levels.
 

Shaadi

Member
Feb 16, 2019
2,594
2,890
We did that already in 2008 and property finally became affordable. But FF and the Greens set up NAMA and sorted that out straight way and within a few years, property was back to unaffordable levels.
Yep, our Govt's are magicians when it comes to inflating property values.
 
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