Chamber chairman says public will feel knock-on effects
PASCAL BURKE, Chairman of The Wicklow and District Chamber of Commerce, believes the Budget will do little to restore consumer confidence.
While acknowledging that Minister Lenihan had very limited options, he feels there will be knock on effects felt by the public due to the increase in the higher rate of VAT.
‘ There will be reduced income in most households as a result of the introduction of the 1 per cent income levy. The burning issue of Public Service reform was once again ignored, and the Minister definitely lost an opportunity to start this very much overdue process.’
However, it wasn’t entirely bad news to report. ‘ We welcome the continued reaffirmation of the 12.5 per cent Corporation Tax Rate, which is critical to the future retention of foreign direct investment opportunities.
‘We also welcome the expansion of the R&D Tax Credits, which will help to increase investment in the key area.’