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VAT Reduction Top Of The Budget Wishlist For Midlands Businesses

Monday, 12 October 2020 15:22

Governments ministers are making the final preparations for tomorrow's budget.

Ministers are meeting this lunchtime to finalise the details of tomorrow's budget. 

COVID, Brexit and getting people back to work will be the main issues for Budget 2021.

The first budget of this coalition government will be one of the most important in recent memory.

Health spending will take centre stage with as much as €4 billion of an increase in the Department's budget.

That will be aimed at COVID but also non-covid healthcare including hundreds of additional hospital beds.

An overall 'super-fund' of between 4 and 5 billion will be set aside to deal with Brexit and COVID.

There will be targeted financial supports for businesses who've had to close as well as the entertainment industry.

There will also be a cut in the VAT rate for tourism and hospitality back down to 9 per cent.

Housing will get a big focus through the planned affordable housing scheme and an extension of the help-to-buy scheme.

Carbon taxes will increase by 7.50 a tonne, adding to the cost of petrol, diesel and home heating.

A €300 million home retrofit scheme will also be launched.

While details are being finalised today of the Christmas bonus for social welfare recipients and whether that will be extended to those on the Pandemic Unemployment Payment.

A VAT reduction is top on the budget 'wishlist' for businesses in the midlands.

Adrian Shine, from Emma's Café in Birr, has had to halve his workforce of 16 staff due to the impact of covid restrictions.

He says the benefit a drop in VAT would have on small businesses cannot be underestimated:

 

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