O’Rourke – Cost of Living impacting on competitiveness

Frank O Rourke TD has again highlighted the fact that the rising cost of living is affecting our competitiveness and is now affecting our ability to attract Foreign Direct Investment.

“As I have said before, Ireland is losing its competitiveness. Our cost of living expenses, including insurance, mortgage rates, rents and childcare, are the highest in the EU.”

“We have high motor and business insurance costs, and the Government progress on the implementation of the recommendations on the Motor Insurance Working Group has been slow to say the least.”

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O’Rourke – Competitiveness being eroded by Cost of Living

Fianna Fáil’s Deputy Finance Spokesperson, Frank O’Rourke, has stated that the Government has not done enough to stop the rising cost of living as Ireland’s reduced competitiveness is having a negative impact on the cost of doing business in Ireland.

“The cost of Insurance, rising childcare costs, rising rents, rising costs of fuel, gas, health insurance, and other day-to-day living expenses, are all putting pressure on families. For instance, electricity costs are going up by over 6%, and gas by over 12%. These increases will lead to an increase of nearly €150 for some customers.”

“Irish consumer prices in 2017 were 24% above the EU average. Irish Mortgage Rates are higher than the EU average. The average standard variable rate for a mortgage in Ireland is currently 3.26%. This is nearly 1.5% higher than the average Eurozone rate which stands at 1.83%” stated Deputy O’Rourke. Continue reading “O’Rourke – Competitiveness being eroded by Cost of Living”