In this week’s public policy bulletin, we take a look at the launch of Enterprise Ireland’s 2022 annual report as well as the latest unemployment statistics for December released by the CSO. In addition, we examine the findings of the independent review into Invest NI released this week as well as details on the UK’s new Energy Bills Discount Scheme. We also take a look at the World Economic Forum’s latest Global Risks Report together with the findings of the European Parliament’s recent Eurobarometer survey.
Enterprise Ireland reports creation of approximately 20,000 jobs with client companies during 2022
In its annual report for 2022 released this week, Enterprise Ireland reported the creation of 19,660 new jobs via its client companies during 2022. According to the report, client firms of Enterprise Ireland employed 218,178 people in the Irish economy overall during 2022, with over two thirds of these roles based outside Dublin. Taking account of jobs lost during the year, the net increase in employment created was 10,841 or 5 percent. The agency’s report also noted there were 161 early-stage company approvals or start-ups with funding in 2022.
Drop in unemployment rate recorded in December – CSO
The Central Statistics Office (CSO) recorded a drop in the rate of unemployment seen in Ireland to 4.3 percent in December 2022. In its latest Monthly Unemployment Estimates published this week, the CSO noted how this figure was down from 4.4 percent in November 2022, and significantly down from the rate of 5.1 percent seen in December 2021. The seasonally adjusted number of persons unemployed was 114,500 in December 2022 compared with 117,000 in November 2022. Moreover, according to the estimates, there was a decrease of 18,600 in the seasonally adjusted number of persons unemployed in December 2022 when compared with a year earlier.
Independent review of Invest NI finds that “profound change” is needed
An independent review into the efficiency and effectiveness of Invest NI, Northern Ireland's economic development agency, has found that “profound change” is needed that will require both reform and repurposing of the organisation as a whole, if it is to perform as intended. Finding that the agency is having limited impact on productivity, with considerable room for improvement in leadership, structure, operation, control and public accountability, the independent review has called for stronger governance and oversight of the body by the Department of the Economy.
Launch of new Energy Bills Discount Scheme
The UK government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to April 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland. The current Energy Bill Relief Scheme provides a discount on wholesale gas and electricity prices for all non-domestic consumers. This includes public sector organisations, voluntary sector organisations and businesses. With this current scheme due to come to an end in March of this year, the new scheme will come into effect from 1 April 2023 and run for 12 months, with a cap set at £5.5 billion based on estimated volumes.
Worsening cost of living crisis identified as number one global risk by World Economic Forum as Europeans expect additional state supports
In its latest Global Risks Report, The World Economic Forum (WEF) has identified “growing debt distress” and “a continued cost of living crisis” as the top threats to geo-economic security in the next two years. Precipitated by the global pandemic and ongoing war in Europe, a combination of energy, inflation, food and security crises have consequently created “follow-on risks” including the risk of recession across a number of economies, according to the report.
Meanwhile, the European Parliament’s latest Eurobarometer survey indicates that the rising cost of living is the most pressing concern for 93 percent of Europeans with citizens surveyed highlighting a clear expectation for the EU to provide additional support measures to combat the crisis.