Belfast Telegraph

Saturday 20 December 2014

Wilting euro a real pain for shops

David Elliott, Business Editor
David Elliott, Business Editor

Inflation is becoming a bit of a pain. Despite the slightly looser payment policies of bosses up and down the land (at least, that's what I've heard), price rises have gone and eradicated any advantage we might have enjoyed.

According to the GMB union, average GDP in Northern Ireland climbed by 5.8% between 2008 and 2013 but that was more than wiped out by an increase in inflation of over 17% during that period.

That has meant the real value of our earnings has fallen by 12% over those five years.

A shocking enough statistic on its own but one which is made harder to swallow for us in Northern Ireland who are operating beside an economy where real earnings have barely been impacted in the last five years.

If only we could reinstigate a bit of strengthening of the euro and draw all those southern shoppers north again then we could make hay from our neighbouring status.

A tall order perhaps...

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More