Brexit’s Largest Impact

Uncertainty is the overwhelming feeling that Brexit has brought onto the entirety of the EU. Here in Ireland, we are no exception. The fear of a large economic downturn is looming, and it seems everyone is fixated on what will happen when October 31st comes around.

The Irish economy as a whole was predicted to grow 4.1% in 2019 and forecasted an increase in the GDP of 3.7% in 2020 according to the European Commission. This however was predicted without considering the effect of a hard exit by the UK. A hard exit could bring an economic fall out consisting of lowered income levels, and higher unemployment rates. Experts from the Economic and Social Research Institute suggest that these conditions can lower the intense growth of property prices since the low in 2013. The Central Statistics Office says this growth has been just over 86% within those 6 years. Housing demand is likely to lower, affecting mortgage companies, brokers, and families trying to sell or relocate.

However, the housing industry will likely not be the hardest hit industry from the …

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Property tax could help solve economic inequality

The 2020 Irish Budget, written by the Minister for Finance Paschal Donohoe, is likely to have some major changes implemented within the coming years. The Department of Finance has begun drafting multiple different variations of possible changes in taxation, many of which are targeted at the Vehicle Registration Tax. 

This proposed taxation would crack down on high CO2 emission vehicles and would possibly provide grants or tax breaks to owners of hybrid or fully electric vehicles. In this particular budget, there has been a substantial focus on the environment and upholding the Irish promises of maintaining and promoting environmentally friendly options.

Beyond just these changes, there has been mention of increasing property taxes in the hopes of having a more fair taxation system. The Nevin Economic Research Institute (NERI) notes that there is substantial income tax collection inequality and that an increase on home tax could be more beneficial in diversifying the collection of tax revenue. Additionally, a home value is usually more substantial than a person’s income, so applying a harsher tax on  property could bring in a more …

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Irish economy projected to make gains

According to a report posted by Ernst & Young (EY), one of the Big Four accounting firms, the Irish economy is seemingly on the rise. This multinational company with HQ in London, England, United Kingdom has been investigating the health of the Irish economy.

Through their research, the company found insight that allowed them to project how the Irish GDP will grow within the current year. As of now, they have estimated that the economy is to grow by 4.1%. This number is consistent with that of the Central Banks, who projected growth of 4%.

These numbers are based solely on the first three months of 2019, and are bound to change with more and more information collection. As of now, their predictions are based largely on substantial corporate tax returns and the addition of new jobs into the market.

Although there are significant positive projections associated with these findings, there are many possible repercussions. One of the most prevalent issues would be the lack of resources available within the Irish economy, but especially around Dublin, to be …

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