Slump in UK tourists likely to cost Irish economy €70 million

Published on : Thursday, September 7, 2017

tray with different drinks on black background - champagne, beer, cocktail, wine, brandy, whiskey, scotch, vodka, cognacThe slump in the number of British tourists heading to Ireland is likely to lead to a €70 million drop in revenue for the regional economy of Ireland.

 

As per the report commissioned by the Drinks Industry Group of Ireland (Digi), the decline in revenue from the United Kingdom has ‘serious ramifications’ for the drinks industry of Ireland.

 

Donal O’Keeffe, chief executive, Licensed Vintners Association said that the tourism sector continues to be relying on the UK.

 

He then went on to add that the Irish market has already been a spectator to a contracting scenario that suggests that it is set for many more years of uncertainty. The report speaks about the contribution of the drinks industry to Irish tourism sector.

 

And, the report has also discovered that tourists spend more than a third of their holiday budget on food and drink and British tourists have been spending 40%.

 

Furthermore, the group is also utilizing the results of the report as a platform to suggest that the Government needs to safeguard the drinks industry of Ireland by relaxing the tax burden on pubs.

 

Donal O’Keeffe said that since the pub is one of the most tourist attractions in Ireland, the Government should be making efforts to strengthen this business by easing their tax burden.

 

In other words, the government should ensure that the price is really competitive and their earning potential is increased.

 

The report then added that the tax regime along with a slump in the value of sterling would ‘undercut Ireland’s tourism competitiveness’. The drinks industry generates €2.3 billion for the exchequer every year and employs as much 92,000 people in Ireland, as per the report.

 

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