- The Government has today published the Summer Economic Statement. This document sets out the Government’s budgetary strategy and outlines the fiscal parameters within which discussions will take place ahead of Budget 2025. On the taxation side, a package of €1.4 billion has been allocated which “will ensure that Government has the scope to once again adjust tax credits and bands to ensure workers do not find themselves paying a higher rate of tax because of higher wages.” https://www.gov.ie/en/press-release/ed03d-ministers-chambers-and-donohoe-publish-summer-economic-statement-2024/?
- The Environmental Protection Agency (EPA) said that?greenhouse gas emissions decreased by 6.8 per cent?in 2023, with reductions in almost all sectors. As reported by RTE, transport emissions went up marginally, by less than one-third of 1%. However, the climate damage done by Ireland's transport sector in 2023 was still 4.3% below pre-Covid levels. This was despite a 3% increase in the number of vehicles on the road last year. However, EPA Director General Laura Burke?warned that while these are positive results for the year 2023, Ireland is nevertheless well-off track in terms of meeting its EU and national climate targets for 2030. https://www.rte.ie/news/environment/2024/0709/1458901-epa-emissions/?
- As detailed by The Guardian, BP is preparing to take a hit of almost $3bn (￡2.3bn) hit in its results for April to June as lower demand for fuels leads to woes within the company’s oil refining business. It also expects to take a $2bn writedown resulting from a plan to scale back its refining operations at its Gelsenkirchen refinery in Germany by a third from next year in response to weaker demand. https://www.theguardian.com/business/article/2024/jul/09/bp-hit-oil-refining-shares-energy-writedown?
