UK VAT rise 'good news for Irish business'

Chambers Ireland has today said that tomorrow’s Emergency Budget in the UK could bring further relief to many Irish businesses, particularly those in the border region.

The anticipated increase in the UK rate of VAT by 1.5-2.5% from 17.5% to 19-20%, coupled with the recent depreciation of the euro against sterling, provides further grounds for optimism regarding Ireland’s efforts to reduce cost differentials with respect to one of its biggest and most easily accessed markets.