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No luck for the Irish economy

The Irish economy fell into recession in Q2 2008 after the Republic’s GDP growth slumped to -0.8%.

This followed growth of -1.3% in Q1 2008, and two successive quarters of negative growth is the technical definition of a recession.

Estate agents in Dublin say the city has a three-year oversupply of homes and with mortgage finance as constrained as it is in the UK, consumers aren’t buying.

In an attempt to kick-start the market, two of Ireland’s largest property developers are offering interest-free loans to buyers unable to raise the deposits they need to buy homes.

Radora is offering loans of up to 30% of selling prices while Glenkerrin Homes is offering interest-free loans for up to seven years.

Ireland was last in recession in 1983.


Total net lending falls to £1.4bn

Total net lending to individuals has fallen significantly from £4bn in July to £1.4bn in August, data from the Bank of England reveals.

Choose booze

Mole’s never been one for maths but you can buy him a beer on these sums any day. If you had purchased 1,000 worth of Northern Rock shares a year ago they would be worth 4.95 today. With HBOS, the same amount invested earlier this month would now be worth 16.50.

Retirement fund - thumbnail

What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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