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  • Rate cuts will leave people €700 a year better off, says report
Uncategorized
Jun 25, 2012 - 16:41

Rate cuts will leave people €700 a year better off, says report

MyHome Content Studio
By MyHome Content Studio
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Rate cuts will leave people €700 a year better off, says report

Homeowners will be €700 better off each year thanks to reductions in mortgage interest rates, a new report has revealed.

Reduced mortgage interest rates are expected to result in a 2.4% rise in the amount of discretionary income householders have by the end of 2012.

However, the consumer index study from the Irish Business and Employers Confederation (IBEC) showed that while mortgage holders may see their spending power increase, other groups could end up worse off.

IBEC chief economist Fergal O'Brien said the Government needs to consider consumers and their different circumstances in its efforts to revive the economy.

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"A significant number will see their spending power increase this year, due to falling interest rates, modest pay rises and the absence of significant additional taxation," Mr O'Brien said.

"The Government's approach to reviving activity in the domestic economy needs to be tailored to reflect the different types of consumer and their different circumstances."

The European Central Bank is expected to reduce its rate by a further 0.5% in the coming months, which will have a positive effect on householders. The Irish Consumer Monitor report from IBEC, an organisation that represents Irish business, found non-mortgage holders could see their discretionary income drop between 0.8% and 3.7%.

"For 2012, we have pencilled in an average decline of about 1% in discretionary income," the report added.

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  • Tags
  • consumer index study
  • consumers
  • discretionary income
  • ECB
  • economy
  • European Central Bank
  • Fergal O'Brien
  • homeowners
  • householders
  • IBEC
  • IBEC chief economist
  • income
  • interest rates
  • Irish Business and Employers Confederation
  • Irish Consumer Monitor
  • mortgage
  • mortgage interest rates
  • report
MyHome Content Studio
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