Dr. Ella Kavanagh:

One reason for the increase in house prices prior to the crash was the expansion in credit. We would expect today that in light of the sort of regulations that have been put in place by the Central Bank, there should be more control over the expansion of credit. Even though supply would increase, it would not necessarily lead to an increase in house prices. The situation is quite different today compared with before the crisis.

Professor Whelan highlighted fuel prices and their impact on people on fixed incomes, and the associated distribution issues. They are key. Consequently, the fuel allowance should be looked at again in light of the increase in energy prices if they continue to increase. If they continue to be volatile, they might come back down again, and there would therefore not be a long-term effect on individuals. However, if they continue to increase, that would suggest a review of those fuel allowances is necessary.