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ESRI'S Dr Conor O'Toole discusses its predictions for the Irish economy given the background of global uncertainty.
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The Irish Sun
an hour ago
- The Irish Sun
High street chain shutting 2 MORE Irish stores after closing Dublin location & punters cry ‘we'll have no shops left'
ONE of Ireland's most beloved high street retailers is set to close its doors for the final time tomorrow, with two more Northern Irish locations set to shut in months. River Island's Henry Street store will close on Friday along with two other locations on the island of Ireland early next year. 1 River Island has announced major closures in Northern Ireland and the Republic of Ireland Credit: Alamy It comes as part of a wider restructuring plan across the The retailer will be closing its shops in Lisburn and Bloomfield's Shopping Centre in Bangor. The closures will come in January and 31 other locations around the UK will be shutting as well. And hundreds of Read more in Money Out of the 230 stores across the UK and Northern Ireland, 97 won't be impacted by the closures. Sky News has reported that the restructuring plan will be put to business creditors in August. And the company is set to renegotiate rents with the landlords of 70 other shops. It's also been announced that the Banbury branch will be closing on June 28. Most read in Money The announcement of the store closures in Northern Ireland comes just after the news that they will also be The fashion giant owns 24 locations with multiple branches in Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow But one of their biggest locations, on busy Henry Street in the capital's city centre, is set to close. The announcement was made just days ago on a poster in the store front. It reads: "This store is closing. "This store will be closing from Friday 27th June." But they told customers that shopping at the store will still be possible online and in person. Customers were reassured that they can visit the nearby Grafton Street location or visit the online store. But customers were devastated and took to Reacting to a post on Facebook sharing the news, one person said: "First it was new look now this I'm pretty sure the store next will be going... I would actually cry if next will be shut down." Another commented: "Really sad news. One by one are closing." And a third penned: "We will have no shops left in Ireland."
Irish Examiner
an hour ago
- Irish Examiner
Report: Golf contributes €7m annually to Irish economy
New Golf Ireland research the sport contributes €717 million annually to the Irish economy and supports 15,600 jobs. Conducted by the Sport Industry Research Centre at Sheffield Hallam University, in collaboration with The R&A, the study assesses consumer spending, Gross Value Added (GVA), employment and tax revenues. The report indicates that in 2023, golf activities contributed €717 million in direct economic value to the Irish economy, marking significant growth. This is fuelled by increased participation, strong club membership, and a recovery in golf tourism following the Covid-19 pandemic. Golf-related consumer spending reached €703 million, averaging €100 per head of population. Club memberships accounted for €143 million, or 20% of all golf expenditure. Golf directly supports approximately 15,600 jobs across Ireland, while the sport generates €277.6 million annually in taxes from consumption, income and corporate profits. 'These findings highlight golf's major economic role here, underscoring our sport's ability to drive growth and create employment across Ireland. Through initiatives like Get into Golf, Unleash Your Drive and iGolf, we are actively working to make golf more accessible and inclusive, ensuring its continued appeal,' said Golf Ireland CEO Mark Kennelly. 'We are particularly encouraged by the growth in golf tourism and event attendance, which signals a strong future for golf as both a sport and a key driver of economic activity in communities throughout the island of Ireland.' The return of The Open to Royal Portrush next month is set to deliver a further boost to the Northern Ireland economy. In 2019, The 148th Open generated more than £100 million of economic benefit for Northern Ireland, according to the study. Mark Darbon, Chief Executive of The R&A, said: 'We have seen the benefits that golf brings in many other parts of the world but what this research makes clear is that golf makes a substantial contribution to the economy of Ireland and positively impacts the wider community in numerous ways. 'The continuing strength of the golf sector throughout Ireland and the efforts of Golf Ireland to encourage more people to take up the sport are hugely impressive. The staging of global sporting events such as The Open can help to catalyse further growth in the sport and The R&A will continue to play its part in helping to maintain that momentum.' The report identifies opportunities for future growth by encouraging higher female participation, investment in infrastructure, and leveraging Ireland's international reputation as a world class golfing destination. 'Golf is a significant industry in Ireland, which might otherwise go under the radar were it not for the Satellite Account research,' said Professor Simon Shibli, Director of the Sport Industry Research Centre, Sheffield Hallam University. 'It is an industry that has grown impressively since our 2017 study, based on 2014 data. The fundamentals are in place for future growth in economic impact, notably in the form of invisible exports from visitors coming to play or to watch golf.'
The Irish Sun
2 hours ago
- The Irish Sun
Latest Budget 2026 blow with ‘won't repeat' €2.6bn social welfare cost of living alert amid €140 Child Benefit shake-up
THERE will be no multibillion euro cost of living busting package of support for households in the upcoming budget due to concerns that a Trump slump will wipe out Ireland's corporation taxes. Finance Minister Paschal Donohoe confirmed Budget 2026 "will not repeat" another €2.2 billion of living package, saying past budgets introduced measures when inflation was at highs of five, 10 or 15 per cent. 4 Finance Minister Paschal Donohoe, Tanaiste Simon Harris and Public Expenditure Minister Jack Chambers Credit: Cillian Sherlock/PA Wire 4 Taoiseach Micheal Martin also ruled out a repeat of the bonanza cost-of-living package Credit:The Government has instead this year leaned more towards the possible Donohoe said he is "well aware" of the impact of the cost of living crisis but said there are risks when it comes to funding permanent measures with tax receipts that may not always be available in the future. With concerns that Trump's tariffs could wreak havoc on the Irish economy, Donohoe warned that there will be no repeat of the cost of living supports of the past. This is despite the Dail hearing yesterday how skyrocketing grocery prices is leaving people struggling to keep their heads above water. READ MORE IN MONEY Speaking to RTE's Morning Ireland, Donohoe said: "I'm absolutely well aware of the impact of the "I see it and I experience that. I know the difficulty it poses for many, for very many in our country." He added: "What every budget has done is it finds different ways of helping with the cost of living. "But I have to make the case again here today that the kind of measures that we've had in the past of €2.5 billion packages. MOST READ ON THE IRISH SUN "Packages of that scale were in place when we had inflation of five, 10, 15 percent. And we should not and I believe will not repeat that again. Major warning over emergency social welfare scam texts as thousands could be targeted "But we will find other ways, budget by budget and over four to five budgets instead, helping with and responding back to the needs within our society." The Budget 2025 package - the - was made up of a mixture of increased payments, 10 for social welfare recipients, a minimum wage increase and tax changes. It included two double payments handed out before Christmas, €400 extra for carers and €300 for those on Budget 2025 also provided an additional October cost-of-living double payment as well as the usual social welfare Christmas bonus. But Donohoe and Public Expenditure Minister previously admitted that they are reluctant to make any spending or taxation decisions in Budget 2026 that "create new risks". This means that the social welfare bonus payments and energy credits of recent budgets will not be a feature of this year's budget announcements. ECONOMY 'CHALLENGES' Sinn Fein's In response, Tanaiste Simon Harris claimed the Government were already helping people with the cost of living through measures like the carers grant, the back to school allowance and the pay increase for public sector workers – all of which will be paid out over the summer. The Fine Gael leader admitted that there will be no repeat of the support packages of recent budgets but there will be moves to help people cope with the cost of living through different measures that are currently up for negotiation. Donohoe said there are "challenges" ahead for the Irish economy as price hikes, "recessionary trends" and the He said different scenarios for the Irish economy - where tariffs were and were not permanently applied by the US - have been taken into account. Anything we do in this space needs to be targeted and focused on those on low incomes, particularly workers." Social Protection Minister Dara Calleary Donohoe explained: "What we remain to see yet is what the United States assessment will be, which is why it's important that we have surplus in our public finances and we have so many people at work. "These are the kind of challenges that we could need to confront but I have confidence that we can do that." Taoiseach of the €2.6 billion cost-of-living package unveiled in 2025. He declared: "Our agenda and objective in the budget, when it comes in the autumn, will be again to provide within the social protection payment programme and in terms of taxation, to do what we can to alleviate the pressures on people." 'TARGETED' BUDGET EFFORTS The news of a more cautious budget comes as Minister for Social Protection He vowed that any changes made to the The Fianna Fail TD said the Programme for Government includes a "range of measures" to support children and their families in Budget 2026. He explained: "One such commitment is to explore a targeted child benefit payment and examine the interaction this would have with existing targeted supports to reduce child poverty. "Existing supports include the Calleary said the Department of Social Protection is examining a targeted 'OUT OF CONTROL' PRICING By GRAINNE Ni AODHA THE "crazy" increase in the cost of everyday food items has been raised in the Dail, as the opposition accused the Government of being inactive on the issue. Sinn Fein leader Mary Lou McDonald said that in the past year, butter had become a euro more expensive, a kilo of Irish cheddar was up 57 cents, and two litres of milk was up 27 cents. She cited figures in the Irish Times that indicated a kilo of chicken had cost €4.99 euro in 2022 and now costs €11. "That's just crazy," she said, telling the Dail that prices were "out of control". "Many households are now paying 3,000 euros extra a year in the supermarket than they were in 2021." She accused the Government of having "failed to exert any real pressure" on retailers, after a junior minister handling the issue was "unceremoniously ignored". The Dublin Central TD blasted: "Your latest plan, it seems, is to do absolutely nothing, to stick your head in the sand, allow people to be ripped off week in and week out. "Let me just give you some more CSO data - over five years, sugar is up 54 per cent. "A filet of cod, up 55 per cent, pork sausages 21 per cent, lamb 48 per cent, spaghetti up 46 per cent. "Nothing has changed, people are still to the pin of their collar." He explained: "Táimid ag obair ar an two-tier payment. We are looking at that but there is quite a lot of work involved and it is a complex issue to examine." The The €140 flat payment will still be paid to everyone, regardless of income. Calleary said the Department of Social Protection needs to work "collectively" with other Government Departments to ensure there are no "unintended consequences" as a result of the payment. He explained: "If we are to do this, people cannot lose out. We have to look at expanding the working family payment and the child support payment as part of targeted measures. "Anything we do in this space needs to be targeted and focused on those on low incomes, particularly workers. "We have to ensure that people do not get a lower payment under a new system than they are currently getting. "That could be an unintended consequence of some of the work we have seen today." 'EXPANSIONARY PACKAGE' Tanaiste Simon Harris told colleagues that the Budget will be an "expansionary package" and most of the measures will take effect next January. Speaking at Wednesday's Although nothing has been confirmed and Harris said decisions have yet to be made, he told the meeting that the VAT rate for small businesses will be cut permanently in the Budget. He also said childcare fees must be permanently reduced over the lifetime of this government. Harris also said the cost of education, across all levels, must be reduced along with healthcare costs, and significant progress should be made in children's disability services and special education. 4 Minister for Public Expenditure Paschal Donohoe said the specific cost of living package seen in past budgets were when inflation was higher Credit: REUTERS/Clodagh Kilcoyne 4 Donohoe said there are 'challenges' ahead for the Irish economy Credit: Getty Images - Getty
