Budget 2011

The Budget 2011 contains a number of reforms which are likely to affect people at all levels of society. 

These are just a few of  the key proposals unveiled by Finance Minister Brian Lenihan are:

• Social welfare payments are to be cut by 4%.
•  A cut of 10 euro a month in child benefit for the first & second child and an additional cut of 10 euro for a third child.
•  An increase in the excise duty on petrol by 4 cent and diesel by 2 cent by midnight,although alcohol and cigarettes are untouched until next year.
•  A 4% cut in all public sector pensions above 12,000 euro a year.
•  A 10% lower starting rate for new employees in the public sector, including judges.
•  Reform of state cars with former Taoisigh and Presidents given a pooled system with the number of garda drivers cut.
•  Immediate reform of stamp duty to standard 1%
• One of the jets,The Gulf Stream Government jet, which is at the end of its life span, will not be replaced.

You may remember last year Brian Lenihan told us we had turned the corner,well i suppose in a way we did and ran into a brick wall.I wonder what is around the corner we are currently turning??

Everyone is going to have to pay more,unfortunately some are already at breaking point and cant afford these charges.

It is now time to find another way of replacing that lost income 

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What are your thoughts??-Inflation is back

The cost of living has been hit by the first annual increase since the start of 2009, official figures revealed today.

Mortgage interest hikes, increasing bills for education and rising telecomms charges all led to a 0.2pc rise in inflation.

Up until August, year-on-year consumer prices had fallen steadily over the last 19 months.

The Central Statistics Office basket of goods test showed fashion stores increasing prices for clothes and footwear as the summer sales ended last month and transport charges also edged up slightly as airfares and car rental costs went up.

Ibec, Irish business lobby group, warned prices in some sectors were still too high and needed to fall back in line with our competitors.

Economist Reetta Suonpera said: "Prices are now rising again, ......"

Isme, the Irish Small and Medium Enterprises Association, said the future of thousands of businesses lay in the hands of Government and called for state-managed rates to be cut.

Chief executive Mark Fielding said: 

"The private sector has done its bit by cutting costs to the bone, just to remain in business, but these companies continue to be hammered by increases in state imposed costs."

Avine McNally, director of the Small Firms Association, said:  "When costs are passed on to the rest of the economy, competitiveness and jobs are lost and businesses close."

Dan McLaughlin, of Bank of Ireland's economic research division, said the annual rise in inflation was driven by higher mortgage interest costs, as banks sought to pass on some of their higher costs of funding.

Irish Independent

So prices are increasing because the banks need to make more money...while billions of our money is been pumped in to save them,they see their chance to squeeze us for a bit more.

What are your own thoughts?

Leave a comment please

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Or we can take a chance and wait for the government to save us. Have a look at their plan below

THE Government was last night accused of having no jobs strategy as the number of unemployed broke the 450,000 mark.

Defending the Government's economic policies, Taoiseach Brian Cowen said jobs will not be created "in a vacuum and will not be created on the basis of letting our public finances go out of control".

Labour Party leader Eamon Gilmore said the latest jobless figures were "the highest number of people ever unemployed in the State". He described the level of unemployment as the "biggest crisis that the country is facing at present".

He accused the Government of not taking the problem seriously. Mr Gilmore said the 452,882 people now on the live register is 300,000 more than when Fianna Fail and the Greens took power after the 2007 general election.

Emigrated

"This is not counting the number of people who have left the country -- as immigrants who have gone home and young Irish people who have emigrated to Australia and elsewhere.

"One in every three young men in the workforce is out of work. It impacts on the level of poverty experienced by households and the self-esteem and morale of those out of work," he said.

Fine Gael finance spokesman Kieran O'Donnell said the latest figures show the domestic economy and the labour market are still mired in recession.

"The ongoing collapse in investment spending revealed in theCSO's Quarterly National Accounts, and the large rise in benefit claimants, confirm that the Government's recovery plan is failing.

Mr Cowen said: "Everything that can be done to find opportunities for people to up-skill and train is being done. Increased resources are being applied."

"The difficult decisions that we are taking have to be taken and are absolutely necessary.

"I do not suggest for one moment that there is any degree of satisfaction or complacency about these figures.

"But we will only turn this around on the basis of doing the job of work which the Government is engaged in -- reducing our costs, getting exports going, as we are doing, and making sure that people can sell goods and services in the marketplace in order to maintain the jobs we have, take on part time people in due course and then turn those jobs into permanent jobs," he added.

Reported in the Irish Independant

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The Recession Is Over

Leading economist issues warning over recovery

Wealth Warning

Tuesday June 29 2010

The recession is technically over but it won't make any difference for most people until at least next year, a leading economist said today.

An expected announcement tomorrow that Ireland's economy has officially turned a corner was denounced by Friends First chief economist Jim Power as a statistical illusion.

Figures to be released by the Central Statistics Office (CSO) showing economic improvement in the first three months of the year are skewed by surging sales in the chemical and pharmaceutical industries, he claimed.

Mr Power said in reality joblessness would continue to get worse, thousands of businesses would still struggle for survival, new taxes would be brought in and the cost of living still needed to be slashed.

"The bottom line is, to generate economic activity that will result in meaningful job creation and improvements in tax revenues, you are going to have to see a recovery in consumer spending and in business investment spending," he said.

"I have to say I don't see either of those conditions until 2011 at the earliest.

"So I think the economic recovery story is more illusory than real."

In his quarterly outlook, Mr Power predicted the Government would be forced to bring in at least two more austerity Budgets as it battled to bring order to the public finances.

Despite a gradual improvement in the world economy, Ireland's struggles are made worse by increasing nervousness among international money markets about lending to countries they think might not be able to repay debts, he said.

In order to cut national borrowings as quickly as possible, the Government would inevitably introduce water charges - likely at a flat rate of around €175 per house because no water meters have been installed, he forecast.

While there was some recent "kite-flying" over a new property tax in December's Budget, he claimed it was more likely to be brought in next year once the public has been softened up for the levy.

Although the cost of living was continuing to drop there wasn't a large enough decrease in some consumer prices, Mr Power said. Food, clothing and footwear prices particularly should come down further in the near future.

Apart from small pockets around the country, demand for houses would remain low for the next three to four years and prices should fall by another 5pc this year - after a 7pc dip in the first six months, he predicted.

"Hopefully that will represent the bottoming out of the cycle and we will see some stabilisation in 2011," Mr Power added.

He said consumer confidence, which affects spending, remained low with a recent rebound in the retail industry mostly down to increased car sales.

Thousands of small and medium-sized businesses "are hanging on by a thread at the moment" because they can't get any credit from the banks.

Find out how to avoid this situation

Budget Cuts Ahead

Irish Times

FURTHER DIFFICULT decisions lie ahead Taoiseach Brian Cowen warned yesterday, but he expressed confidence that the economy had turned the corner.

Mr Cowen told the annual conference of the Chartered Accountants Ireland in Dublin there was a need to acknowledge that the outlook for the economy and the international outlook in particular, was not as secure as we might like.

“That is why we must keep a clear focus on those factors that are ours to control. We are heading in the right direction. And that is the direction in which we must continue,” he said.

“And it is important that we should understand fully what went wrong and how it went wrong. This is not just so that individuals can be held to account, as they will be, but also to ensure that we can be confident that a recurrence can be avoided,” he said.

“The decisions we have taken are difficult, even unpalatable in many cases. But I am convinced that they were necessary and are proving to be effective.”

He said the objective had been to apply the burdens of adjustment fairly and to encourage recovery and long-term prosperity, while dealing with the crisis swiftly and credibly.

He said decisive action taken by the Government since the crisis broke had restored stability during 2009. The latest indicators are consistent with expectations of a return to growth in 2010, he said.

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Interest rates are on the rise,banks will be cutting rates on savings accounts,increasing rates on loans and mortgages,budget cuts of €3,000,000,000 or more is imminent.These are just some of the things we know about-what do we not know?

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What is NAMA Beag?

NAMA Beag is a LAND League-style lobby group has been set up to represent Irish householders and families impacted by the financial fallout from the banking crisis and the creation of the government 'bad bank', Nama.

The new lobby group, Nama-Beag -- the brainchild of solicitor Andrew Dillon -- was officially unveiled in Co Cork and its task will be to protect families, pensioners and small savers from home repossessions or sanctions by banks because of outstanding debts and mortgages.

Nama-Beag will initially compile a database of people facing action by banks over outstanding debts -- and will co-ordinate an advisory service with direct intervention with the financial institution on behalf of the householder if necessary.

"Unfortunately, our own Government and its developer pals have simply replaced the historical British landlord, aided and abetted by the criminal bankers. For bankers read bailiff," Mr Dillon said. "Now it is the bankers who will evict you from your home for non-payment of an iniquitous mortgage.

"One person on his own will find it virtually impossible to find the funds or to countenance taking on or defending a legal action against a large and powerful financial institution. But 10,000 people working together will, on the other hand, put the fear of God into the bank.

"Thirty thousand people working together and with their friends will bring down a government. That is strength in numbers," Mr Dillon added.

The new organisation aims to provide help for financially hit householders, and offer an advisory service for people facing action by banks over debt problems.

They also aim to support householders and taxpayers to fight unfair debt penalties or foreclosures.

As reported in Irish Independent

There is a sign up charge for this service and there is no guarantee that it will work, or that it is legal,and you could end up end up facing even bigger charges,so be careful.

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Warning-Watch out for Facebook Virus

The emails tell recipients that the passwords on their Facebook accounts have been reset, urging them to click on an attachment to obtain new login credentials, according to anti-virus software maker McAfee Inc.

If the attachment is opened, it downloads several types of malicious software, including a program that steals passwords, McAfee said on Wednesday.

Hackers have long targeted Facebook users, sending them tainted messages via the social networking company's own internal email system. With this new attack, they are using regular Internet email to spread their malicious software.

A Facebook spokesman said the company could not comment on the specific case, but pointed to a status update the company posted on its web site earlier on Wednesday warning users about the spoofed email and advising users to delete the email and to warn their friends.

McAfee estimates that hackers sent out tens of millions of spam across Europe, the United States and Asia since the campaign began on Tuesday.

Dave Marcus, McAfee's director of malware research and communications, said that he expects the hackers will succeed in infecting millions of computers.

"With Facebook as your lure, you potentially have 400 million people that can click on the attachment. If you get 10 percent success, that's 40 million," he said.

The email's subject line says "Facebook password reset confirmation customer support," according to Marcus.

Reported by Reuteurs

This was reported about a week ago and i have just been emailed this virus,luckily i had read about it in time.Make sure you let all your friends know.

In the mean time,i am currently looking to expand my Home Shopping Business.Check out my website for more information about vacancies

Home Business Vacancies

Construction job numbers halved

Direct employment in the construction industry has decreased by 130,000 jobs since 2007, according to a new study.

Beat the Recession

The report, compiled by the construction consultancy firm Davis Langdon PKS (DLPKS), forecasts a further 40,000 jobs will be lost in the sector this year.

In their annual review of the sector, DLPKS predict that the Irish construction industry will see a decline of approximately 23 per cent in 2010.

From a high of €38 billion in 2007, the sector is predicted to have reduced in value to the region of €19 billion in 2009 and is expected to fall by a further €14 billion this year.

According to Davis Langdon PKS, direct construction employment totalled 260,000 in the second quarter of 2007 and is now at about 130,000.

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Who is running the country???

Sargent resigns ministry over 'error of judgment'

Green Party junior minister Trevor Sargent has resigned following revelations of his representations to gardaí on behalf of a constituent facing prosecution on a public order charge.

In a brief statement to the House this evening, Mr Sargent said he accepted that "although my actions in contacting An Garda Síochána were not a criminal offence, under Section 6 of the Prosecutions of Offences Act 1974 such a communication could be deemed not lawful.

"In this regard I accept I made an error of judgement. Accordingly I hereby tender my resignation forthwith as Minister of State for Food and Horticulture."

The Irish Times

Yet another blunder in what is fast becoming a shambles.Can we really expect this Government to help our current situation when they keep making one error after another,and im certain there is plenty more to come.

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87,000 jobs to go in 2010

Employment in 2010 is set to fall by 87,000 on last year's average, and will decline by a further 11,000 in 2011 according to the latest labour market survey by Fás.

The State agency said that the unemployment rate will peak at about 13.5 per cent in late 2010, below previous forecasts of 16 per cent. However, it said it is too early to say whether the apparent stabilisation in the unemployment rate that took place in recent months will persist.

The latest quarterly survey shows that manual workers and craftspeople have been hardest hit in terms of job losses, with unemployment in these groups rising to 25 per cent or more in 2009.

The construction sector has been particularly hard hit, with the unemployment rate for manual or crafts-based jobs in the construction sector reaching 30 per cent. Meanwhile, the jobless rate for managers and professionals closely linked to construction has risen to over 13 per cent.

Labour force participation among teenagers and those in the 20-24 age-bracket reduced sharply during this period. According to Fás this reflects postponement of entry to the labour force.

The number of apprenticeships offered by employers also fell sharply in the period. The number of new apprentices recruited by employers fell by 59 per cent in 2009, with construction-related apprentices down 69 per cent.

Some 80,000 people participated in FáS-supported training programmes in 2009, while a further 26,000 were still in training at the end of the year.

Reported by The Irish Times

This im sure is a best case scenario and predictions are being conservative.This could be you or someone you know.There is an alternarive

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If things are going to change we have to take matters into our own hands.

How will the Interest rate hikes affect me?

HOMEOWNERS ARE bracing themselves for the latest assault on their finances, as lenders prepare to hike interest rates on variable-rate mortgages.

Last year, the crisis facing many mortgage holders, given the downward pressure on interest rates, was how to get out of a fixed-rate mortgage without incurring sizeable breakage fees. Now, however, those who locked in at a reasonable level over the past few years may feel that it wasn’t such a bad idea. Those on variable rates are in line for rate hikes of as much as 1.5 per cent, which would add an extra €300 a month to the average mortgage in Dublin.

How many people would a rate hike affect?

According to the Central Bank, as of last June, 84 per cent (by value) of private residential mortgages in Ireland were at a variable rate, with 16 per cent at a fixed rate.

Given that there are roughly 800,000 such mortgages in Ireland, a rough estimate indicates that 672,000 people are on variable-rate mortgages and 128,000 are on fixed rates.

Will the Government intervene?

If the banks go through with the planned rate hikes, there may be a public outcry similar to that led by homeowners seeking to get out of fixed-rate mortgages last year. However, it is likely that the response from the authorities will be the same.

While the taxpayer now has sizeable shareholdings in both AIB and Bank of Ireland, it is unlikely that the Government would intervene to prevent the banks from raising variable rates. Given the banks’ precarious positions, a return to profitability is seen as essential for the Government to be able to sell its stakes in the banks, and for the taxpayer to exit the banking sector.

As reported by The Irish Times

With deposit rates still high and margins on borrowing low, banks have to find a way to make money,from us one way or another.

This is bound to affect to affect you or some one you know,the government and the banks are not going to help us,so we have to do it for ourselves.

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Working from home vs traditional job

Being employed is easy and straight forward with your employer looking after tax and any legal worries.The fact that your employer does all this is a definite advantage.The downside to being employed is that most employers tend to cap your earning potential with a yearly salary, so you get a fixed rate no matter how hard you work,which can be annoying and somewhat depressing.


Working from home on the other-hand takes the benefits of both employment and self-employment and adds a few extra benefits. You get the potential of earning as little or as much as you like, not having capped wages, means you can earn a salary allows you to live and work comfortably.

There are many other advantages to working from home, You can earn an unlimited income because the harder you work the more you earn, working from home allows you to fit your family commitments around your work not the other way around and don't forget the long commute to work every day (the average Irish worker spends 6.3 hours every week getting to and from work) that's 6 hours every week you don't get paid for.

The biggest advantage by far is the fact that you are your own boss and you can make money from day one.

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Sales from home shopping Companies up

While the sales from most home shopping companies was up in 2009, the high street did not fair so well. Home and Internet shopping are now leading the way in retail recovery. More and more people are now getting involved in the industry and it is booming.Find out more.

High Street Sales

Volume of Sales	% Change On Previous Month	Annual % Charge
September 2008	+0.6	-6.2
October 2008	-0.8	-7.5
November 2008	-1.4	-8.3
December 2008	+0.3	-8.8
January 2009	-20.5	-26.6
February 2009	+5.7	-20.9
March 2009	0.0	-17.7
April 2009	+0.7	-18.0
May 2009	+1.2	-14.5
June 2009	+3.0	-9.8
July 2009	+1.9	-14.4
August 2009	-0.8	-8.9
September 2009	+1.7	-9.8
October 2009 (provisional)	-0.3	-9.1

Happy New Year

Hey its 2010-hope you have a brilliant New Year