100s of titles, one news app for just $10 a month.
Dive Deeper:
Industry leaders warn of challenges ahead for Thai economy
Despite a gradual recovery projected for the tourism sector, Thailand's economy still faces a spate of challenges including the persistent…
Calls to end low wage ‘design feature’
Labour market experts are calling for wages to grow faster than four per cent a year to rebalance productivity, inflation…
Households falling into poverty isn’t inevitable. Here’s how we can prevent it
With inflation set to reach 10% and wages falling short, ministers can’t ignore the crisis affecting ever more voters, says…
Consumer confidence plunges to lockdown levels while Australians prepare for the polls
Globally, markets are considering rate hikes, inflation, war and supply chain woes.
One subscription that gives you access to news from hundreds of sites
UK economy shrank by 0.1% in March as cost of living crisis bites – as it happened
Calls for emergency budget grow as UK economy contracts unexpectedly in March, with consumers cutting back on spending, and car…
1 Million Britons Set to Live in Destitution, Think Tank Warns
The number of Britons living in destitution could reach 1 million over the next year unless the government takes urgent…
Get all your news in one place
Latest National news:
'Give cannabis a voice': Campaigner running for Senate on pro-pot platform
The long-time national campaigner for the legalisation of cannabis is also backing industrial hemp production.
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
UAP may have more backing than polls suggest, with voters too embarrassed to voice support, analysis shows
Hour-long TV ads on commercial networks aired before media blackout as part of fringe party’s projected $70m election campaign spend
Neil McGuigan joins Hunter wine legends
He is the fourth member of his family to be earn legend status
Monique Ryan to lodge legal challenge after AEC anomaly prevents thousands of Covid-positive Australians voting
Teal independent says she will lodge federal court challenge as AEC admits people who tested positive early this week but…
A Genius With Too Much Thyme On Their Hands Sneakily Called Out The PM Via Woolies’ Spice Aisle
Ok, I like it, Picasso.
From analysis to good news, read the world’s best news in one place
Too little too late: voters turn on Morrison in affluent seat of Higgins
The PM is on the nose in Melbourne’s inner east as voters cite inequality and pandemic failures – and a…
Home builder Metricon denies rumours of collapse as industry faces major cost blowouts
Home builders are being warned to expect higher costs and lengthy delays until at least 2023 as the construction industry…

Business chiefs favour tax cuts as confidence plunges

By Caoimhe Gordon
Thora Mackey is the Institute of Directors chief operating officer

Business confidence plummeted in the first three months of 2022 and most company bosses believe the Government should cut taxes to boost incomes and prop up demand.

Just 16pc of Irish business leaders came out of the first quarter of the year feeling optimistic about the economy.

That’s down from 31pc at the end of last year and almost three-quarters in the third quarter of last year, according to the latest quarterly Director Sentiment Monitor.

The report, published by the Institute of Directors, also revealed that 92pc of the directors and business leaders surveyed believe there is a limit to what the government can do to tackle ongoing inflationary pressures, as well as supply chain challenges.

However, almost 60pc of those surveyed believe the Government should now review direct taxation to boost income levels in the face of the rising cost of living.

Half did not think that the Government should use the Covid contingency fund to assist businesses through inflation and supply chain difficulties, although 37pc were in favour.

Ultimately, 41pc of respondents regarded the Government’s performance to be positive, an increase of 5pc from the previous quarter. Despite this, 38pc of business leaders feel the Government’s performance has no impact on consumer confidence.

Half of those surveyed also concluded that the Government’s actions have no effect on their own decision-making.

Commenting on the report, Institute of Directors chief operating officer Thora Mackey said: “ Business leaders are facing turbulent times, as business confidence plummeted in the first quarter of the year, no doubt impacted in large measure by the invasion of Ukraine by Russia and the many consequences of that war.

"The humanitarian impact has been immense, of course, but energy costs and resources, and supply chain issues, have been significant, as has wider geopolitical and economic instability.”

She added: “Uncertainty is a key factor at play here. It is no surprise, then, that just 16pc of business leaders are ‘more optimistic’ in respect of the economy, a fall of 56pc since the third quarter of last year.”

Ms Mackey said that while businesses did believe that tax cuts would boost the economy, they were also “realistic” about what could be achieved on inflation and concerns over supply chain issues, given that Ireland is a small, open economy.

“Business leaders will need to maintain a steady hand in navigating their businesses through this unsettled time,” she said.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Industry leaders warn of challenges ahead for Thai economy
Despite a gradual recovery projected for the tourism sector, Thailand's economy still faces a spate of challenges including the persistent…
Calls to end low wage ‘design feature’
Labour market experts are calling for wages to grow faster than four per cent a year to rebalance productivity, inflation…
Households falling into poverty isn’t inevitable. Here’s how we can prevent it
With inflation set to reach 10% and wages falling short, ministers can’t ignore the crisis affecting ever more voters, says…
Consumer confidence plunges to lockdown levels while Australians prepare for the polls
Globally, markets are considering rate hikes, inflation, war and supply chain woes.
One subscription that gives you access to news from hundreds of sites
UK economy shrank by 0.1% in March as cost of living crisis bites – as it happened
Calls for emergency budget grow as UK economy contracts unexpectedly in March, with consumers cutting back on spending, and car…
1 Million Britons Set to Live in Destitution, Think Tank Warns
The number of Britons living in destitution could reach 1 million over the next year unless the government takes urgent…
Get all your news in one place