Call for tax cut to signal end of austerity

Ibec has warned that despite evidence of a "solid recovery in the consumer economy," the Government must still take steps in the next budget to show austerity is over — including a reduction in income tax.

In its Consumer Monitor 2014, the employers’ body pointed to rising employment, strong consumer sentiment and recovering retail sales as evidence that the consumer recovery was firmly under way and that the fear factor was starting to ease.

However, it added: “The recovery has been uneven and recent volatility in consumer sentiment has shown the fragility of the consumer market.