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By Cianna McNally The decision to increase the UK VAT rate has been welcomed by President of Monaghan Chamber of Commerce, Gordon Fleming. It has been announced as part of the UK Budget that the VAT rate is to be increased from 17.5 per cent to 20 per cent from January next year. According to local businessman Mr Fleming, this increase will help ensure a level playing field and will also benefit smaller retailers who may be struggling at present due to the economic climate. Newly elected Cathaoirleach of Monaghan Town Council Robbie Gallagher has said that the increase in the VAT rate, coupled with the decline in value of the euro against the sterling pound, will stimulate our domestic economy and create jobs. “This has major implications for Monaghan town, especially as the town has become more competitive and attractive due in no small part to the work of the local Chamber of Commerce in liaison with the local authorities. We now have a great opportunity to build on this work and boost the town’s retail trade further,” said Councillor Gallagher.
Local Fianna Fáil TD Margaret Conlon has also described the decision as good news for local retailers. She stated that the cuts in VAT and excise duties introduced by the Government in Budget 2010 helped towards this easing of cross border shopping and this move by the UK Government should ensure that the playing field is levelled further. “Local retailers are doing their best to be competitive and to give their customers value for money and I hope that this move in the UK Budget will further encourage people to give their business to local retailers. Buying locally means supporting local jobs and everyone should remember that when they are choosing where to give their custom,” concluded Deputy Conlon.
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Wednesday, 23 June 2010 15:53