Good news for Louth retailers as UK VAT rate rises – Carroll

There was good news today for Louth retailers as the UK Government has announced that VAT rates are to increase from next January according to local Fianna Fáil Senator James Carroll.

“The UK Government announced today in their Budget that VAT rates are to increase from 17.5% to 20% in January. This increase coupled with the decline in the value of the euro against sterling is good news for Louth retailers.”

“In recent times cross-border shopping has hit Louth retailers hard having a terrible impact not just on border towns like Dundalk but also further south in Drogheda.”

“This increase in UK VAT should increase consumer demand in Louth and encourage people to shop local. This in turn will help to safeguard local retail jobs and businesses.”

“It was estimated that cross border shopping cost the Irish economy up to €600 million in lost revenue.”

“I am hopeful that this VAT increase in the UK will have a positive impact for Louth retailers,” concluded Senator Carroll.