Irish Examiner view: We will all live with Paschal Donohoe's decisions
Outgoing finance minister Paschal Donohoe. File picture: PA
The news broke on Tuesday that Paschal Donohoe is to step down as finance minister to take up the position of managing director and chief knowledge officer at the World Bank.
His departure from the Cabinet is effective immediately, and he will resign from the Dáil later this week.
His new role is a significant achievement for Mr Donohoe himself. As he indicated in his farewell statement, serving as finance minister was “the greatest of honours”, but taking up a senior position in the World Bank indicates recognition on the world stage, a huge vote of confidence in any politician.
Mr Donohoe’s departure will cause a stir in political circles, with early indications that serving Tánaiste Simon Harris would take on the finance portfolio confirmed on Tuesday afternoon.
Helen McEntee will move to foreign affairs and defence, while Hildegarde Naughton is to become education minister.
His resignation from the Dáil means a by-election will be needed in Dublin Central, but there are also specific party implications. Mr Donohoe’s new assignment removes him from any possible leadership contest in Fine Gael in the medium term, at least.
Outside those party political considerations, there will also be a broader evaluation of his tenure as finance minister. Between that position and his time as minister for public expenditure — he has had two tours of duty each in those roles — Mr Donohoe has spent almost a decade keeping a close eye on Ireland’s finances. How has he done?
Historians and economists will no doubt weigh in with considered verdicts, but the public persona associated with Mr Donohoe — capable and calm, a skilled debater who did not appear to personalise disagreements — contributed to the sense of a safe pair of hands, a sober judge of expenditure.
The argument could certainly be made that more boldness might have been warranted at a time when the public coffers never had so much money coming in.
Could the ongoing housing and cost-of-living crises have benefited from a more interventionist finance minister, for instance?
Mr Donohoe’s replacement now faces similar challenges.
We will all live with the decisions made to meet those challenges.
The Society of St Vincent de Paul (SVP) is reporting a rise in the numbers of people seeking its help, with the charity noting the number of middle-income families and mortgage holders who are now struggling to make ends meet.
As reported in the 'Irish Examiner' by Sean Murray, the charity says the number of calls it receives has risen by 7% in the year to October, and it expects to receive 250,000 calls to its helpline seeking support overall this year.
At the launch of its annual appeal this week, SVP national president Teresa Ryan criticised the Government for taking a “piecemeal” approach to tackling poverty.
It is difficult to argue against the hard facts which show how the cost-of-living crisis is worsening.
Ms Ryan’s comment about grocery shopping — “I remember a time when I could get shopping for a big family for under €100. Now it’s €200-plus” — is certainly supported by the statistics. The latest Irish grocery market figures show grocery price inflation now stands at 6.06%, which is over double the rate of general inflation in the economy.
When the SVP president asked if some families would have heat this Christmas, she identified another huge challenge for many: High energy bills which are likely to increase even further due to the price hikes which energy companies announced recently.
This is despite the fact that the number of Irish households in arrears on their electricity bills is now around 300,000. It is little wonder the national regulator has warned of “historical highs” for unpaid bills.
The pressure caused by increasing bills is so severe that, as noted by the SVP, families on middle incomes are now looking for support. This raises an obvious question: How are low income families surviving?
The charity is calling on the Government to do more for those struggling to make ends meet, and it is correct to do so.
The challenge to improve one’s skills should never end, and tomorrow an event being held in Cork City underlines the importance of meeting that challenge.
Cork’s City Hall will host the Stem South West Showcase Expo 2025, an event for students, parents, educators, and industry leaders from across the South-West to celebrate the power and possibilities of science, technology, engineering, and maths.
The event will showcase student projects, industry innovations, interactive exhibits, and hands-on experiences.
Stem subjects are vitally important, given the rapidly changing technological environment.
The needs of future employers must be anticipated by educational institutions as they design and provide courses, and the organisers of tomorrow’s event have shared their estimates of the scale of those needs.
Stem South West believes that at least 35% of Ireland’s 964,000 current primary and secondary students will need to pursue Stem education to meet future workforce requirements.
The good news is that female participation is already at 40% of Stem students at third level, but there is always room for improvement.
Ireland has long enjoyed a stellar reputation for a highly-educated, adaptable workforce, and it is encouraging to learn that work to maintain that reputation is well in hand.
The is proud to be the media partner of the Stem South West Expo this year.
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