Current Economic Issues
A current economic issue is a problem in the economy that affects people, businesses and the government, and that is often in the news.
Some Issues in Ireland in 2026 Include: ґ Cost of living issues: With high prices leaving households with less spending power. ґ Housing supply and affordability: Too few homes mean high prices and rents. ґ Homelessness:More adults and children cannot find or afford secure housing.
ґ Climate change and carbon targets: Ireland must cut emissions to meet targets set by the EU, to avoid fines.
ґ Ageing population: People living longer need more pensions and healthcare.
ґ Pressure on infrastructure: A growing population puts pressure on our transport, housing, water and energy systems.
ґ Corporation tax dependence: Ireland relies on tax from a few large multinationals. ґ Rising business costs: Which makes Irish businesses less competitive internationally. ґ Low wage workers: Our minimum wage is currently below the living wage. ґ AI and the future of jobs: New technology may change or replace some jobs.
How Can The Government Respond?
To tackle these issues, the government can use a number of tools. It plans how to use them each year in the National Budget. As public funds are scarce, every choice has an opportunity cost; spending on one issue means less money is available to spend on another.
Actions the Government Can Take:
1. Increase Government Spending: Improve or offer new public services and projects. 2. Adjust Taxation: Increase or decrease taxes to raise revenue or change behaviour.
3. Provide Grants: They can give one-off payments for a specific purpose that do not have to be repaid. They are used to encourage a certain action. For example, grants are given for solar panels for businesses and households to increase renewable energy usage.
4. Provide Subsidies:Offer ongoing financial support to lower the cost of producing a good or supplying a service.
5. Introduce Laws and Regulations: Set rules that people and businesses must follow.
6. Run Schemes: Introduce targeted programmes to help support a particular group e.g. the Hot School Meals scheme ensures primary students get access to a daily hot meal.
A tool such as a grant or a tax works by changing demand or supply. A grant increases demand for electric cars, while a higher carbon tax reduces demand for petrol and diesel.
In this chapter we will look at some of the current economic issues our country faces and then look at a real government policy used to address each of them. For each one, we will investigate who enjoys the benefits and who bears the costs of the policy.
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STRAND 3 CHAPTER 36: Government policy for economic issues
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