Dominic Hannigan (Labour)

The implications of last night's interest rate cut in the US will be seen worldwide. The reduction in the interest rate on the dollar will probably lead to a reduction by the Bank of England. That will mean the euro will rise again against the pound and the dollar, two currencies on which we depend strongly for our tourism income. We may well see fewer tourists next year from the US and the UK because of the cost of coming here.

An article in The Observer this week claimed that prices in Dublin hotels had risen from €120 last year to €160 just because of the currency fluctuations.