The financialisation of every single industry has all but closed opportunities to get rich through entrepreneurship. In Ireland, those who squeezed through are now buying houses for their children, but this won't build intergenerational wealth.
The start of the kite-flying season includes a proposed Dublin weighting allowance for public servants, which makes less sense than just increasing people’s pay.
The profits of multinationals have become the second-largest source of Exchequer funding and the latest Government forecast is that the weight of corporation tax will peak this year, but “windfall” receipts remain unpredictable.
The flight of Western capital from Russia since its invasion of Ukraine has so far been replaced with inflows from other partners led by China. The real threat for Moscow lies in the longer-term effects of shrinking investment.
Silicon Valley Bank and Credit Suisse had their own problems. But there is a possibility that the banking sector as a whole simply cannot handle high interest rates.
The wave of layoffs at technology multinationals is not over. We have been there before and we can learn lessons from the past with policies that limit public finances' reliance on foreign investment and support workers and domestic companies to make the most of the predictable cycle ahead.
The leaders of large corporates are confident that Ireland can avoid a global recession, but this does not mean smaller companies are equipped to deal with ongoing turmoil. Ideas are emerging to provide them with stability – the next step is action.
Having delivered Budget 2023, Minister for Finance Paschal Donohoe speaks candidly about his time in office – from achievements to regrets. He also talks about the specifics of the budget, the future of taxation, and governing in a time of crises.
I was forced to leave Ireland during the last financial crash. I returned home with no assets, a fractured life, and spiralling rents. Meanwhile, the Generals of this economic war remain the same. I’m out.
Most of Europe is not creating the right people who can build things. Meanwhile, the European government funding ecosystem is broken and following the wrong strategy. So, let’s not continue to kid ourselves that everything is okay.
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