Retail Ireland reaction to Budget 2023

  • Energy supports welcome, but more may be needed – Retail Ireland
  • Personal tax cuts will support household budgets in run up to Christmas

Retail Ireland, the Ibec group that represents the Irish retail sector, today welcomed measures in Budget 2023 to offset spiralling energy costs and bolster household finances as we enter the crucial Christmas trading period. The group however cautioned that more supports would be needed if the energy crisis continues into 2023. The outlook for the sector remains very challenging.

Retail Ireland Director Arnold Dillon said: “The new energy support scheme will offset the worst excesses of recent price hikes, but more help will be needed into next year. Without ongoing support the energy crisis will push many vulnerable retail businesses to the wall.

“Reducing personal tax and childcare costs will help those struggling with bills and support consumer spending in the run up to Christmas. It is crucial that people see a way through the current period of high inflation. Today’s budget provides important relief for individual and households budgets and will hopefully support a recovery in consumer sentiment.

“It is disappointing to see the reduced VAT rate for hospitality withdrawn. The measure contributed to the development of vibrant town and city centres. Planned labour market reforms, which will significantly increase employment costs, remain a concern. It is crucial that businesses are provided with more support as they work to manage and implement these far-reaching and costly reforms.

“Crime and anti-social behaviour remain a major challenge in town and city centres. Funding for extra Gardai is welcome and should be used to ensure a more visible presence on the streets.”

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