In this week’s Public Policy Bulletin, read about the latest live register figures, measures to impact inflation and Ireland’s first Artificial Intelligence Ambassador. We also cover the recent hints of a European Central Bank rate hike. Lastly, in a quiet week in Northern Ireland on the policy front following the NI Assembly elections, we bring you a roundup of the latest news from the rest of the UK.
Latest Live Register Figures released
Social Protection Minister Heather Humphreys welcomed the April 2022 live register figures this week, reporting a drop in the seasonally adjusted unemployment rate to 4.8 percent. The number for April 2022 was reported at 177,004, reflecting a drop of 1,992 on the March 2022 figure. This is also 965 less than the April 2021 figure, when there were a further 385,211 people in receipt of the Pandemic Unemployment Payment.
More measures to address inflation impact announced
This week, Minister for Public Expenditure and Reform, Michael McGrath announced measures to address the impact of Construction Material Price Inflation on Public Works Projects. An “Inflation Co-operation Framework” is being introduced for parties engaged under a public works contract. The Framework will help mitigate the risks of significant losses for contractors and is in the interest of safeguarding public projects already under construction.
The Framework outlines the approach and parameters within which public works contract parties can calculate the additional costs attributable to material and fuel price fluctuations, using the Central Statistics Office’s price indices. These additional inflationary costs will be apportioned between the parties, with the State bearing up to 70 percent of the additional inflationary related costs on payments made from 1 January 2022.
Appointment of Ireland’s first Artificial Intelligence Ambassador
Dr Scanlon will work with the Department of Enterprise, Trade and Employment on a schedule of engagements in her new role as she leads a national conversation on the role of AI in our lives. Dr Scanlon’s AI developer background, using AI to help children to learn, will help with a key part of her new role, to engage with young people in relation to AI.
The Government is committed to an ethical approach to the use of the technology and in particular its adoption by businesses. At the appointment, Minister Troy said “We cannot stem progress, but we can embrace it. AI can bring great benefits to our society in areas such as healthcare, climate action and education. It is important that we look at all aspects of the technology so we have a full and informed understanding of how it will impact of lives from now and into the future.”
European Central Bank rate rises expected
This week, European Central Bank President Christine Lagarde made remarks during a speech in Ljubljana, Slovenia, signalling the first interest-rate increase in over a decade may be coming this summer.
Lagarde stated “The first rate hike, informed by the ECB’s forward guidance on the interest rates, will take place some time after the end of net asset purchases. We have not yet precisely defined the notion of “some time”, but I have been very clear that this could mean a period of only a few weeks. After the first rate hike, the normalisation process will be gradual.”
UK news in brief:
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High energy use businesses in the UK are set to get additional government support. Read more.
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HSBC is the latest lender to be added to the UK’s SME Finance Charter. This brings to five, the number pledges from UK banks and finance providers to support their SME customers.
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Businesses in the UK can now sign up to offer work to people who have come to the UK from Ukraine.
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Attendees at the Cyber UK conference which took place in Wales this week heard about the threats and opportunities that cyber presents. Read opening comments.
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