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Micheál Martin rules himself out of presidential race

Micheál Martin rules himself out of presidential race

RTÉ News​5 days ago
Taoiseach Micheál Martin has definitively ruled himself out of entering the presidential race, saying he "definitely" will not be a candidate.
With speculation growing over who may or may not run in autumn's presidential election, questions have been asked over whether Fianna Fáil will run a candidate and - if it does - who it may be.
A number of names have been speculated about in recent weeks, with the Taoiseach's name mentioned in some quarters.
However, speaking on RTÉ's Morning Ireland programme, Mr Martin made it clear he will not be a candidate, saying: "No, I'm not, definitely not."
Asked if Fianna Fáil is likely to run any candidate amid ongoing speculation over a number of potential contenders, the Taoiseach said his party will "consider" the question "over the next number of weeks".
However, he added: "A lot of names have been floated in association with Fianna Fáil.
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EU-US trade deal live updates - 15 per cent tariffs agreed and trade war averted
EU-US trade deal live updates - 15 per cent tariffs agreed and trade war averted

Irish Daily Mirror

timean hour ago

  • Irish Daily Mirror

EU-US trade deal live updates - 15 per cent tariffs agreed and trade war averted

Businesses across the country are sighing in relief after a 15 per cent import tariff deal was struck on most European Union goods between the US and EU. This is five per cent higher than the current rate, however, it is half of the 30 per cent that US President Donald Trump originally threatened. While it will take time for officials to work out the full impact of the deal, it is being widely welcomed as a bigger trade war has been averted. European Commission President Ursula von der Leyen said 15 per cent is 'not to be underestimated' but insisted 'it's the best we could get'. Taoiseach Micheál Martin has insisted the deal is good for businesses, investors and consumers and will protect many jobs in Ireland. He said: 'The agreement achieved in Scotland between Presidents von der Leyen and Trump is very welcome. It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world." The biggest worry is for the pharmaceutical sector, which isn't included in the deal struck between President Trump and European Commission President Ursula von der Leyen on Sunday. While there is currently zero per cent on EU pharmaceutical imports to the US, Enterprise Minister Peter Burke says future tariffs on the sector 'would not increase beyond 15 per cent'. Follow live updates below or check out the latest headlines on our homepage. 11:02 Ciara O'Loughlin The biggest worry is for the pharmaceutical sector, which isn't included in the deal struck between President Trump and European Commission President Ursula von der Leyen on Sunday. While there is currently zero per cent on EU pharmaceutical imports to the US, Enterprise Minister Peter Burke says future tariffs on the sector 'would not increase beyond 15 per cent'. He told RTÉ's Morning Ireland: 'Pharmaceuticals are very complex. A lot of the product that is exported over to the US is not a complete product. 'Almost 70pc of it is components of the final product that will come together and that's why we do need to ensure that we have a very keen rate, to ensure we incentivise innovation in that sector, because that's so important for the global economy. 'We've about 100,000 employees in Ireland, 130 billion in exports in the life sciences sector, and the Government will be bringing forward a separate life sciences strategy later on this year, which will be key in continuing the investment and offering a very competitive proposition from Ireland's perspective.' 11:01 Ciara O'Loughlin Taoiseach Micheál Martin has insisted the deal is good for businesses, investors and consumers and will protect many jobs in Ireland. He said: 'The agreement achieved in Scotland between Presidents von der Leyen and Trump is very welcome. It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world." The Taoiseach added that the government will now study the details of the agreement "in the weeks and months ahead'. He added: ''It does mean that there will now be higher tariffs than there have been and this will have an impact on trade between the EU and the US, making it more expensive and more challenging. 'However, it also creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US, which is important not just for the EU and the US, but for the global economy. 'Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many.'

In Quotes: Europe reacts to new trade deal with US
In Quotes: Europe reacts to new trade deal with US

RTÉ News​

timean hour ago

  • RTÉ News​

In Quotes: Europe reacts to new trade deal with US

The US struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods and averting a bigger trade war between the two allies that account for almost a third of global trade. Following are reactions from European leaders and trade ministers to the deal. Taoiseach Micheál Martin The agreement "brings clarity and predictability to the trading relationship between the EU and the US - the biggest in the world. "That is good for businesses, investors and consumers. It will help protect many jobs in Ireland." Tánaiste, Minister for Foreign Affairs and Trade Simon Harris "A deal provides a measure of much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. "While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment." French Prime Minister Francois Bayrou "It is a sombre day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission." Hungarian Prime Minister Viktor Orbán "This is not an agreement ... Donald Trump ate [Ursula] von der Leyen for breakfast, this is what happened and we suspected this would happen as the US president is a heavyweight when it comes to negotiations while Madame President is featherweight." German Chancellor Friedrich Merz "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard. "This applies in particular to the automotive industry, where the current tariffs of 27.5% will be almost halved to 15%." Italian Prime Minister Giorgia Meloni "I consider it positive that there is an agreement, but if I don't see the details I am not able to judge it in the best way." Romanian Prime Minister Ilie Bolojan "Prime Minister Ilie Bolojan salutes that a trade agreement was reached it is a good omen," the government press office said. "...It eliminates present unclearness which caused disruptions and uncertainties in transatlantic trade relations." Finnish Prime Minister Petteri Orpo "The agreement brings much-needed predictability to the global economy and Finnish companies. Work must continue to dismantle trade barriers. Only free transatlantic trade benefits both sides the most." Danish Foreign Minister Lars Lokke Rasmussen "The trade conditions will not be as good as before, and it is not our choice, but a balance must be found that stabilises the situation and that both sides can live with."

The pros and cons of the local property tax
The pros and cons of the local property tax

RTÉ News​

timean hour ago

  • RTÉ News​

The pros and cons of the local property tax

Analysis: With most house owners facing higher property tax bills, a look at the advantages and disadvantages of the tax introduced in 2013 By , University of Galway The local property tax (LPT) is in the news again. Councillors in Dublin City Council (DCC) recently voted to raise the rate of tax next year, which will mean higher LPT bills for capital city residents. In November, a nationwide revaluation of residential properties will also lead to higher LPT payments. Over a decade since the LPT was introduced, it is time to reflect on the pros and cons of Ireland's residential property tax, viewed from the perspective of taxpayers, users of public services, government (both central and local), and wider society. Pros (1) As a tax on property, the LPT widens the tax base. As a desired feature of a country's overall tax system, a broad tax base means that there is less need for higher taxes on household incomes, business profits, or consumer spending. From RTÉ News, Dublin City Council votes to increase local property tax (2) It is a tax on wealth. As the majority of household wealth in Ireland is in the form of real estate property (primarily housing assets), an annual tax on the value of residential properties is a fair and equitable way to redistribute wealth. (3) Property taxes distort economic activity and harm economic growth less than other taxes. According to the OECD, on a ' tax and growth ' ranking, recurrent taxes on immovable property appear to have the least impact on economic growth, compared to, for example, personal income taxes, corporate taxes, or consumption taxes (e.g. VAT or excise duties). (4) Property taxes are an ideal way to fund local government and the provision of local public services as properties are relatively immobile preventing taxpayers from relocating elsewhere. In Ireland, local authorities can vary the LPT rate. These rate-setting powers increase fiscal autonomy and improve local accountability. (5) As currently designed, the LPT is relatively straightforward to understand and comply with. The tax rate is low (currently at 0.1029% and to be lowered to 0.0906% from next year), progressive (with higher rates, of 0.25% and 0.3%, for higher-valued properties), exemptions are few, deferrals are allowed, revaluations are regular (keeping it up-to-date), with multiple payment options available. From RTÉ Radio 1's Morning Ireland, majority of Dubliners to see property tax rise next year Cons (1) Worldwide, property taxes are unpopular, with opposition from property owners and tenants, public representatives, lobby groups, etc. Often described as the most hated tax of all, the unpopularity of property taxes is related to its visibility, the yearly one-off payment by means of the 'cheque in the post', and as it is a tax on the home. In Ireland, opposition is also related to the fact that it is a relatively new tax and was introduced during the austerity era when many households were experiencing financial difficulties. (2) As a tax source, it raises relatively little revenue. It accounts for less than one per cent of government's total tax revenue, and is diminishing over time. Despite the rise in property prices, the tax take from the LPT, at about €550m per year, is flat due to the persistent widening of the valuation bands and lowering of the basic rate as a means to placate homeowners and voters. (3) As it is self-assessed, there is the likelihood that some properties are undervalued, raising less revenue for local government, leading to inequities across properties, and ultimately undermining the LPT system. Ó RTÉ Raidió na Gaeltachta's Tús Áite, aréir do vótáil Comhairle Contae Dhún Laoghaire Ráth an Dúin ar son laghdú 15% a dhéanamh ar an gcáin mhaoin áitiúil sa chontae – an leibhéal is ísle go bhféadfaí. Labhair Oisín O'Connor, Comhairleoir leis an gComhaontas Glas i gComhairle Contae Dhún Laoghaire Ráth an Dúin linn faoin scéal seo (4) From the local authority perspective, the LPT is not a buoyant source of income, making it difficult to meet the extra demands on its services and the higher costs arising from recent inflationary pressures. In addition, for urban local authorities with a large property tax base, not all of the income from the LPT is discretionary, as a portion (known as self-funding) is decided by central government vis-à-vis the Department of Housing, Local Government and Heritage. For example, in DCC, although the estimated LPT amount in 2025 was €101m, €57.6m was used for self-funding with only €43.3m left for own-use purposes. When the discount of 15% was applied (albeit by local councillors), it left only €28m for discretionary use. (5) Given the unpopular nature of the LPT (and especially from the main opposition political party which is committed to phasing out the tax) combined with the relatively small amount of revenue raised, there is the possibility that a future government might be tempted to abolish the LPT, leaving no annual residential property tax levied on homeowners. While many households might welcome such a decision, this would be a mistake similar to the decision almost 50 years ago to abolish domestic rates leaving our local authorities under-resourced and a system of public administration in Ireland that is very centralised with a weakened local democracy. As homeowners prepare to revalue their properties on November 1st for the purposes of the LPT, I am reminded of a quote attributed to James Madison, the fourth president of the United States and acclaimed father of the US Constitution: "the power to tax people and their property is essential to the very existence of government". We may not like tax and especially property taxes but as another famous American once said, taxes are what we pay for a civilised society.

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