From Apple Tax to Swiftonomics: 2024 in review

·42 min·4 clips

Ciarán Hancock looks back at 2024's biggest stories, from soaring house prices and a €13 billion Apple tax ruling to Taylor Swift concerts and Trump's re-election.

The episode begins with host Ciarán Hancock introducing a review of 2024's major business and economic stories from an Irish perspective. He is joined by Irish Times journalists Eoin Burke-Kennedy, Conor Pope, and Ian Curran. The first topic is housing, where Eoin Burke-Kennedy notes house prices have returned to double-digit inflation, driven by factors like anticipated lower interest rates, government help-to-buy schemes, rising wages, and population growth. Supply remains acute, with around 33,000 homes built last year, below the government's 50,000 target, though projections suggest over 40,000 in 2025. The median house price reached €346,000, with Dublin averages over €500,000, highlighting affordability issues. The conversation shifts to the cost-of-living crisis. Conor Pope challenges the notion it is over, detailing how grocery inflation, though down to 3.5%, follows a 17% spike, adding €1,600-€2,000 to annual bills. Energy costs are €1,200 higher than pre-crisis, and tracker mortgage holders face €400 monthly increases. He argues one-off government supports like €450 energy credits don't address systemic problems. Eoin Burke-Kennedy adds that Ireland's high baseline prices, 42% above the EU average, exacerbate the issue. Corporation tax is discussed next, with Eoin noting receipts will hit €28 billion annually, plus €14 billion from the Apple tax ruling, totaling €42 billion this year. This windfall allows generous budgets without hard decisions. Ian Curran explains the Apple tax ruling overturned a prior court decision, forcing Ireland to take the €13 billion after years of legal battles. The money is earmarked for long-term infrastructure like housing and water. The panel then examines external risks, particularly Donald Trump's re-election. Eoin warns of potential tariffs on imports, which could disrupt Ireland's small open economy, especially if pharma is targeted. Ian notes Trump's first term boosted Irish corporation tax, but Irish exporters like whiskey faced tariffs. The discussion turns to cultural impacts, with Taylor Swift's concerts bringing 150,000-170,000 fans and boosting hotel prices, though economic estimates may be overstated. Conor Pope details the Oasis ticket scandal, where dynamic pricing led to fans paying up to €400 for the same ticket, prompting a Competition and Consumer Protection Commission investigation. Hospitality sector struggles are analyzed, with restaurant closures due to rising input costs like olive oil (up 72%) and chocolate (over 50%), plus higher wages and energy. Ian notes high turnover is normal, but Conor argues current challenges are unprecedented, with profit margins squeezed. The government's removal of a 9% VAT rate after COVID-era price gouging by hotels added pressure. The episode concludes with each panelist's moment of the year: Eoin highlights the Apple tax ruling and tax windfall, Conor shares taking his children to Taylor Swift, and Ian points to Trump's election and its implications for crypto policy divergence with Europe.

As heard by us

An Irish business year in review where housing pressure, Apple money, election promises and global volatility sit in the same frame.

Ciaran Hancock's year-end review frames Irish business through the pressures that shaped everyday life: rising house prices, the cost-of-living crisis, the closure of many restaurants and cafes, and the 13 billion euro Apple tax ruling.

Read the full review in PlayNext →

Why you'd press play

You get Ireland's 2024 business year in one sweep: house prices, cost of living, Apple tax, Taylor Swift, Trump and Bitcoin.

Read the full recommendation in PlayNext →

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