120,000 more jobs will go, warns ESRI

The Irish economy will shed almost 120,000 jobs in 2009 and 50,000 people will emigrate, an economic forecast warned yesterday.

The ESRI also believes the Government will be hard-pressed to pay the 3.5pc wage rise due in September under the national pay agreement.

In a Quarterly Economic Commentary, it said GNP will shrink by 4.6pc next year on top of an anticipated 2.6pc contraction for 2008.

"We now expect that average employment will fall by 117,000 in 2009," said the report.

"A fall in employment of that size will be consistent with net outward migration of 50,000, with the unemployment rate averaging 9.4pc."

http://www.herald.ie/national-news/120000-more-jobs-will-go-warns-esri-1580693.html

Each TD to cost taxpayer €276k next year

EVERY single TD will cost the taxpayer more than €276,000 to fund next year, official figures have revealed.

On average, each of the 166 TDs will receive €110,000 in basic salary in 2009, an increase of €2,400 on this year’s figure.

This is because the TDs received two separate salary hikes this year, despite the country’s slide into recession and the Government urging pay restraint.

In addition to basic salary, TDs will qualify for an average of €23,800 apiece in travel expenses next year.

http://www.irishexaminer.com/irishexaminer/pages/story.aspx-qqqg=ireland-qqqm=ireland-qqqa=ireland-qqqid=77856-qqqx=1.asp

Britain angry as billions flood into Irish banks

Finance Minister, Brian Lenihan was coming under increasing pressure from Britain today as billions of pounds flowed into Irish banks because of the Government two-year guarantee on savings.

British Chancellor of the Exchequer, Alastair Darling intervened twice with the Irish Government on behalf of UK banks yesterday, amid fears that the Government's blanket guarantee was causing a flood of funds across the Irish Sea.

British Treasury sources, quoted by The Times of London, said Mr Lenihan was told "in no uncertain terms the scheme was a problem for the UK."

http://www.herald.ie/national-news/britain-bleats-to-lenihan-as-billions-flood-into-our-banks-1487378.html

Budget pushed forward to october

The Government today decided to rush forward the Budget by almost two months to October 14 in light of the rapidly deteriorating economic situation.

With job losses, rising prices and falling tax revenue, figures released today showed unemployment has jumped to 6.1% - a 10-year high.

The Government, which today held its first Cabinet meeting since the August break, said moving the Budget from the first week in December will give clarity and confidence to investors and taxpayers and lay the foundations for a recovery.

http://www.breakingnews.ie/ireland/mhqlgbkfgbey/

Poles will send home €2bn

POLISH workers here are expected to send more money home than ever this year despite the economic downturn, with some commentators believing it will top €2bn.

Last year, Poles sent €1.33bn home from Ireland, according to the Polish Central Bank, NBP. But the bank estimates the figure this year will reach €1.87bn -- despite anecdotal evidence that Eastern European workers are leaving Ireland because of a fall-off in jobs, especially in the construction sector.

However, the actual figure may be higher. Two-thirds of Poles in Ireland send money home, but just 46pc use a bank account to do so. Others use specialist transfer firms such as Western union, or take it home on flights themselves.

http://www.independent.ie/business/european/poles-will-send-home-close-to-83642bn-1448232.html

Negotiations on new pay deal get underway today

Negotiations on a new national pay deal are due to get underway at Government Buildings in Dublin later today.The discussions are taking place amid a significant slowdown in Ireland's economic growth, rising unemployment and a major deterioration in the public finances.The Government and employers are insisting that workers must exercise pay restraint in order to protect economic competitiveness.However, trade unions say they will be seeking pay rises above the rate of inflation to help their members cope with the rising cost of living.

http://www.breakingnews.ie/ireland/?jp=mhojsnaukfgb&c=ireland