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Labour Plan To Protect Retail Jobs |
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Labour’s Spokeperson on Housing and Local Government, Ciaran Lynch, TD will this week move legislation designed to tackle the crisis in the retail sector which has hit virtually every village, town and city in the country, with a consequent significant loss of jobs. Labour’s legislation would allow for a downward review of existing lease agreements, a measure that is urgently needed to save jobs and give a lifeline to struggling retail businesses. The legislation will be debated in the Dáil on Tuesday and Wednesday of this week. "A huge factor in the difficulties facing many retail outlets is the crippling cost of commercial rents. Rents that were negotiated at the height of the economic boom are simply no longer sustainable given the downturn in the economy and reduced consumer spending. "But to add to the difficulties of commercial tenants facing penal levels of rent, some landlords are actually ignoring economic realities and seeking substantial increases in rents. It seems that the most exorbitant increases are being sought by property owners who are headed towards the NAMA process, perhaps hoping that an increase in rental yields will increase their NAMA valuation. “Our Bill would offer a lifeline to struggling businesses, help to keep many of them above water and preserve badly needed jobs at a time of real economic crisis.” For more information on Labour’s proposal click here.
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The Labour Party
17 Ely Place, Dublin 2, Ireland
Tel: +353 1 6784700
Fax: +353 1 8364849
Email : head_office@labour.ie
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