The President of Ennis Chamber says the inflationary cycle is quickly becoming a ‘runaway train’.
It comes as the value of the euro has hit a two-decade low this week.
The US dollar is now virtually on a par with the euro, with it having been worth as much as a a dollar and 8 US cents just a few months ago.
Economic analysts are predicting the European currency will continue to slide, with the continent having been impacted by an energy crisis exacerbated by the ongoing conflict in Ukraine.
It’s led to fresh concerns in Clare about how both householders and businesses will be able to cope with what looks to be a difficult winter on the horizon.
The President of Ennis Chamber is calling for tax breaks to be given to individuals and enterprises in the upcoming budget.
Colin Ryan, who’s also branch manager with Bank of Ireland in the county town, says ‘outside the box thinking’ is needed by Government.
An Ennis-based financial advisor though believes the strength of the dollar isn’t all bad news, particularly for county Clare’s economy.
Tommy Corbett of Carey Corbett Financial Solutions on the Tulla Road believes it may be positively impacting the tourism and hospitality sectors in particular.
However, he says that’s quickly getting outweighed by any increases in energy prices.
Government Ministers continue to ponder options to address cost of living matters, with Budget 2023 set to be unveiled on September 27th.
Listen back to the full interview here:
