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Let's bring in tax cuts worth €400 million, says business group

The ‘fear factor’ that that has long gripped consumers is now easing, says IBEC. The business group says the time is right to bring in a raft of tax cuts.

FIGURES SHOWING RISING employment, strong consumer sentiment and recovering retail sales all point to a “solid” recovery in Ireland’s domestic economy, according to business group IBEC, which has published its Consumer Monitor for 2014 this morning.

The Monitor, which looks at economic performance across a number of categories, details how a strong export sector has now led to a broader-based recovery.

The ‘fear factor’ that has long gripped consumers is now easing, according to IBEC.

Chief Economist with the lobby group Fergal O’Brien says this means the Government should bring in a raft of tax-cuts in the upcoming Budget.

“Positive economic trends mean income tax can now be reduced. This money will go back into the economy and ultimately support growth and job creation.

There is scope for €300 million worth of income tax reductions, a €100 million reduction in consumer taxes and the abolition of the pension levy.

Reducing tax “could lead to a 4 per cent rise in disposable income” next year, according to O’Brien.

After reaching a seven-year high in April, consumer sentiment in Ireland fell sharply in March before attaining a new high in July, according to the IBEC monitor.

Read: There are just 66 days until the next Budget so let’s talk about how much we should cut

Read: Michael Noonan’s going on a European charm offensive worth hundreds of millions

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    Mute Jonathan O'Riordan
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    Nov 8th 2021, 10:35 AM

    Brave man- all compounded byBoris misspeak some years ago

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    Mute Marie Broomfield
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    Nov 8th 2021, 11:22 AM

    Tough time. 5 years are up. Is she getting released ?

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    Mute The only INFP in Ireland
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    Nov 8th 2021, 11:53 AM

    @Marie Broomfield: Just as the 5 years were up, she was handed a new 1 year sentence for protesting at the Iranian embassy in London in 2009. It’s never going to end either unless the British government do what needs to be done

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    Mute John Quill
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    Nov 8th 2021, 7:08 PM

    Eat and save your strength, Boris would as soon leave you starve to death.

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