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09/10/2009
Bumper Christmas In Store For NI
Northern Ireland retailers could see Christmas sales that top 2008 levels if the Pound remains at current weak levels against the Euro.
Earlier this year, experts said the Irish Republic's Exchequer was expected to lose up to €143m in VAT, excise duty and corporation taxes.
The Irish Central Statistics Office reported that shopping across the border would increase by some €150m to €700m in 2009.
That view has now been supported by a currency specialist.
Niall Haughey, Managing Director of Dublin-based foreign exchange business Blue FX Markets, which has set up in Belfast.
He said the Pound is currently trading against the Euro at around £0.92, partly due to fears over the strength of the UK economic recovery, and some commentators believe it could move closer to parity with the European single currency by the end of the year.
The perception is that the Bank of England has been talking down the pound to stimulate the UK economy.
Mr Haughey said: "Locally, shops in Newry, Enniskillen and other border towns will be gearing up for another busy shopping spree by cross border shoppers from the Republic.
"The Irish economy lost out on €550m in 2008 as a result of this trade and if the pound remains at current levels there may be a steady stream leading up to the busy Christmas shopping period."
He added that a weak pound at current levels is a boon for Northern Ireland exporters, as their sales prices have effectively fallen 8% in two months, which should make them more competitive in the price sensitive Eurozone and Republic of Ireland markets.
The news comes after an attempt by the Dublin government to slow cross-border trade by freezing excise duties on petrol and alcohol.
The Irish Finance Minister Brian Lenihan made an exception for these duties when he launched a series of radical spending cuts and tax increases in April's Irish Budget.
He claimed that to do any other would only lead to increased cross-border shopping.
See: Cross-Border Shopping Bonanza Accelerates
See: Irish Budget Targets Cross Border Shopping
(BMcC/GK)
Earlier this year, experts said the Irish Republic's Exchequer was expected to lose up to €143m in VAT, excise duty and corporation taxes.
The Irish Central Statistics Office reported that shopping across the border would increase by some €150m to €700m in 2009.
That view has now been supported by a currency specialist.
Niall Haughey, Managing Director of Dublin-based foreign exchange business Blue FX Markets, which has set up in Belfast.
He said the Pound is currently trading against the Euro at around £0.92, partly due to fears over the strength of the UK economic recovery, and some commentators believe it could move closer to parity with the European single currency by the end of the year.
The perception is that the Bank of England has been talking down the pound to stimulate the UK economy.
Mr Haughey said: "Locally, shops in Newry, Enniskillen and other border towns will be gearing up for another busy shopping spree by cross border shoppers from the Republic.
"The Irish economy lost out on €550m in 2008 as a result of this trade and if the pound remains at current levels there may be a steady stream leading up to the busy Christmas shopping period."
He added that a weak pound at current levels is a boon for Northern Ireland exporters, as their sales prices have effectively fallen 8% in two months, which should make them more competitive in the price sensitive Eurozone and Republic of Ireland markets.
The news comes after an attempt by the Dublin government to slow cross-border trade by freezing excise duties on petrol and alcohol.
The Irish Finance Minister Brian Lenihan made an exception for these duties when he launched a series of radical spending cuts and tax increases in April's Irish Budget.
He claimed that to do any other would only lead to increased cross-border shopping.
See: Cross-Border Shopping Bonanza Accelerates
See: Irish Budget Targets Cross Border Shopping
(BMcC/GK)
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