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• Describes Budget as a ‘wasted opportunity’

• ‘Some measures, such as the increase in the minimum wage, will have a seriously negative effect’

Tuesday October 1, 2024. Retail Excellence Ireland (REI), the largest representative body for the retail industry in Ireland, has described Budget 2025 as a “wasted opportunity”, warning that the measures do not go nearly far enough to adequately support businesses facing rising costs of doing business.

Furthermore, REI described the 80 cent increase in the minimum wage to €13.50 per hour as a major blow to businesses.

Speaking today, Jean McCabe, CEO of REI, said: “There is money than enough money in the State coffers for the Government to provide the retail industry with much-needed supports to alleviate some of the many punishing costs of doing business that companies are facing at present. Regretfully, Budget 2025 has been a wasted opportunity, and indeed some measures, such as the increase in the minimum wage, will have a seriously negative effect. The industry cannot be dependent on one-off grants – there needs to be meaningful support to address the many costs of business the retail industry is facing.”

She said that while Budget 2025 offered some short-term support, there were no meaningful systemic changes. “We could – and should – have seen a reduction in employers’ PRSI and indeed a reduction in both the standard VAT rate and the hospitality VAT rate. This Government has delivered a disappointing Budget for the retail industry and its inaction will have serious consequences.”

 

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