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22/11/2011
Vat Increase Will Pressure Border Towns
Fianna Fail have said the rise in VAT, proposed by the Labour and Fine Gael Government, will put "serious pressure" on border towns and villages.
Donegal North East Fianna Fáil TD Charlie McConalogue said that despite the Taoiseach's assertions that currency fluctuations have a greater impact on cross border trade rather than the 2% VAT increase coming in next month's budget, Deputy McConalogue said we are "at the mercy of global economic factors" when it comes to currency fluctuations but we do have complete control over our own domestic VAT rate.
"Local businesses on this side of the border have been aggressively pursuing price cuts and competitive business strategies for the past number of years leading to better value for money for shoppers. Prices are well down on what they had been. This 2% VAT hike is an insult to their efforts to remain competitive. Worse still, it could be the final nail in the coffin for many local businesses."
The deputy said that the 3% differential between Ireland and Northern Ireland will naturally lead to a migration of shoppers faced with higher shopping bills to the North at a time when we can't afford to be losing any business or spend on this side of the border. It will put businesses here under enormous pressure to stay afloat.
The Cabinet has met to discuss proposals for cuts to current expenditure in advance of the Budget.
Arriving this morning, Taoiseach Enda Kenny said nothing was decided yet for the Budget, but said preparations were difficult.
(DW)
Donegal North East Fianna Fáil TD Charlie McConalogue said that despite the Taoiseach's assertions that currency fluctuations have a greater impact on cross border trade rather than the 2% VAT increase coming in next month's budget, Deputy McConalogue said we are "at the mercy of global economic factors" when it comes to currency fluctuations but we do have complete control over our own domestic VAT rate.
"Local businesses on this side of the border have been aggressively pursuing price cuts and competitive business strategies for the past number of years leading to better value for money for shoppers. Prices are well down on what they had been. This 2% VAT hike is an insult to their efforts to remain competitive. Worse still, it could be the final nail in the coffin for many local businesses."
The deputy said that the 3% differential between Ireland and Northern Ireland will naturally lead to a migration of shoppers faced with higher shopping bills to the North at a time when we can't afford to be losing any business or spend on this side of the border. It will put businesses here under enormous pressure to stay afloat.
The Cabinet has met to discuss proposals for cuts to current expenditure in advance of the Budget.
Arriving this morning, Taoiseach Enda Kenny said nothing was decided yet for the Budget, but said preparations were difficult.
(DW)
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