IBEC wants consumers to spend more to speed up recovery

CONSUMERS could help eliminate further budget austerity measures by spending more, IBEC argues in its Quarterly Economic Outlook.

IBEC chief economist, Fergal O’Brien, said if those consumers who can afford to choose to spend rather than save, the benefit to the economy and ultimately themselves would be substantial.

“For every three additional euro spent, there would be a reduction of one euro in the future tax bill. Government must support consumer spending by communicating effectively on the economy and giving clarity on future taxes and charges in a manner which consumers can relate to,” Mr O’Brien argues.