I got an insurance renewal advisory last week. Words fail me... but I'll try.
Clearly I'm a bit late to this part of the story. However, it struck me that the rapid inflation in the motor insurance market make serve as a final canary in the coal mine of run away costs of living. A topic that has been discussed on the pin for some time but may now be ripping through vital day to day economy.
Marking a destructive phase while the usual powers that be are fairly asleep at the wheel. Including taxes, there seems to be an insidious pattern of broad-spectrum rising costs that may have passed a viable threshold, the effects of which are yet to be fully realised, but have they begun in earnest?
Does the recent undershoot in VAT returns possibly mark beginning of another serious contraction in the economic double-miracle-whip Irish economy?
Tax revenues came in below target in July due to a shortfall in VAT receipts, while corporation taxes and excise duties also came in lower than expected. The figures indicate that consumer spending growth may have slowed in the run-up to the Brexit vote...
...“Slightly worryingly, the figures show VAT receipts continuing to lag behind target. If this trend accelerates post Brexit, we could see the VAT figures falling further behind at the end of September. A resultant drop in VAT receipts could impact on the scope for tax cuts or spending increases in the Budget,” said Mr Vale.
“On the positive side, income tax figures remain on track, reflecting the strong labour market. Again, it will likely be some time before we see the impact of Brexit flowing through to the tax numbers, he added.http://www.irishtimes.com/business/econ ... -1.2743899
No idea why they punch in the Brexit segway... people still know the names of the twelve months of the year. Perhaps they are trying to offload the cause by conflating the issue in the readers mind with Brexit.
Meanwhile over at finfacts
Dublin 14th most expensive of 20 global cities to live/ work
Savills says that the European cities have shown mostly modest rental growth in local currencies but the strengthening of the euro since December has made them slightly more expensive in dollar terms.The exception is Dublin which has seen an overall live-work increase of 6% in euro terms,
fuelled primarily by a big bounce in office rents from low post-financial crisis levels, and especially in the creative/tech sector. This compares to a 3% rent rise in Berlin and 1% in Paris.
Despite their small size, both Berlin and Dublin look very good value to businesses looking to locate within a large and prosperous economic region. Annual accommodation costs in these cities are among the lowest in the Savills live-work index and comparable to Mumbai and Lagos.
Big foreign-owned companies can be sanguine about rising rents in Dublin but it's not good news for local startup firms. Dublin also lacks quality budget hotels and overnight rates now exceed the peaks of the bubble years of 2006 and 2007.http://www.finfacts.ie/Irish_finance_ne ... e-work-673