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Economy

We are well aware of the short-term health, social and economic impacts of Covid-19.  But what about the long-term impacts that the pandemic has caused, partciularly the disruption to education and learning.  The latest research indicates that students impacted are facing at least a 3 per cent loss of income compared to peers in previous years throughout their lifetimes, with disadvantaged students being worst affected.  

The National Economic Plan - to be published on Budget day - must give equal weight to environmental, social and economic considerations. Otherwise, this Government will simply repeat the mistakes of the past and many will be left behind.  The National Economic Plan must be underpinned by a new social contract that treats our environment, society and economy equally

'Building a New Social Contract – Policy Recommendations’ contains more than eighty specific policy recommendations that would go a considerable direction towards a new social contract to improve the quality of life and wellbeing of everyone and ensure that a no-one is left behind as our economy and society recovers from the impact of Covid-19.

Ireland's Quarterly National Accounts, published earlier this week, serve to underline the detachment between many of Ireland's headline economic statistics and life on the ground.

The July Jobs Stimulus contains some welcome elements which have the potential to support businesses, particularly small and medium enterprises, to absorb the economic impact of Covid-19. However, it remains to be seen if the package is of the scale required to begin the process of real economic recovery for the many businesses impacted, to alleviate the financial hardship of households on reduced incomes and to secure medium-to-long-term societal wellbeing. Read our full analysis here.

Over one million people were in receipt of  COVID-19-related income supports as of May this year.  584,641 were in receipt of the Pandemic Unemployment Payment (PUP) and 473,500 people had availed of the Temporary Wage Subsidy Scheme (TWSS).  These numbers have been decreasing as the economy slowly starts to open again, those who needed to avail of loan repayment breaks and rent freezes will face likely financial distress.

The most competitive economies of Europe all collect substantially more tax than Ireland does. The evidence suggests that a low tax, low service strategy for attracting investment is short-sighted and that quality education, infrastructure and services are far more important.


‘A Rising Tide Failing to Lift All Boats’ is the latest publication in Social Justice Ireland’s European Research Series.   This report analyses performance in areas such as poverty and inequality, employment, access to key public services and taxation.  The report also points to key policy proposals and alternatives for discussion.  These include the right to sufficient income, meaningful work and access to essential quality services.  The policy proposals explore how these areas might be delivered upon in a changing world.

A vibrant economy is most important if Ireland is to produce a fairer future for all.  To secure such a future requires us to learn from our mistakes in the past.   Solid policies are required that secure the best future for all. 

As we look towards the future and rebuilding our society and our economy the new Government must consider how we can ensure that our recovery package and investment priorities post COVID-19 help us build a sustainable society and economy, and also move us towards a just transition and meeting our climate targets by 2030.

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