Post-pandemic, there is no shortage of cash in the banks or the exchequer to help finance the investment Ireland badly needs
During the pandemic lockdowns, we all had to adopt a more monastic approach to life. Holidays were put on hold, eating out stopped, sports events were cancelled. We couldn’t mosey through Ikea and leave with twice the amount of stuff we’d planned to buy. While incomes remained protected through government subsidies for those laid off, spending took a nosedive.
It’s not yet clear why savings behaviour varied – was it due to different levels of restrictions or because of different levels of government support? Ireland had particularly generous support, helped by a strong underlying fiscal position.Green energy is good for environment and can protect from economic shocksIn all cases, the big rise in household savings largely mirrored additional borrowing by national governments as they offered temporary support to those laid off in lockdown.
In contrast, across the EU, government indebtedness has risen since 2019, but the rise in the savings of households has been even larger and has not been significantly wound down. So the change in government debt and household assets remain more evenly matched.
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