Brian Lenihan Jnr (Dublin West, Fianna Fail)

We must invest in every sector to create jobs and secure sustainable growth. Today, I am announcing a number of stimulus measures to aid the economic recovery in the short term and help ensure sustainable growth for the future.

Supporting the Retail Sector: VAT and Excise Changes

Our retail sector has been battling a steep currency depreciation on its doorstep. The main reason for the increase in cross-Border shopping is the currency differential. This is outside our control but it is within our power to reduce our consumption taxes which are among the highest in the European Union. Recent CSO data show that 44% of cross-Border shoppers buy alcohol. To protect Exchequer revenue and stem the flow of cross-Border shopping, I have decided to reduce excise duty on alcohol products.

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