Declan Jordan: Stimulus package should focus on getting cash to businesses directly

The objective of the stimulus package is to enable as many businesses to survive through this year

Shoopers queuing in the MahonPoint shopping centre in Cork. UCC economist Declan Jordan said the stimulus package must enable as many businesses to survive through this year. Picture: Eddie O'Hare

The Irish government will examine closely the July stimulus package announced by UK Chancellor Rishi Sunak as it prepares its own strategy to restart an economy emerging from lockdown.

The eye-catching measures in the UK include a cut in the VAT rate for hospitality and tourism sectors from 20% to 5% and an eating out voucher worth up to €10 for diners. Hospitality businesses in Ireland are already looking for similar actions here.