Budget will have negative impact on co-op industry

THE Budget will have a negative impact on the €11 billion turnover co-operative industry, it was claimed yesterday.

ICOS, the umbrella body for co-operatives in Ireland, said business in general will have to fund the exchequer deficit through increased capital allowances, the increases on the VAT rates and other measures.

President Dessie Boylan said the abolition of rollover relief is worrying for co-operative business, and it will have to review Finance Minister Charlie McCreevy’s speech before making further comment.