Sinn Féin spokesperson on Finance Pearse Doherty TD has reiterated the need to maintain income supports for workers and families after the latest Consumer Market Monitor from UCD Smurfit Graduate Business School has found that disposable income collapsed by 25% in April, with a sharp drop in spending for 2020.

Teachta Doherty said:

“Today’s Consumer Market Monitor from UCD Smurfit Graduate Business School underlines the need to support demand and household incomes for the remainder of 2020.

“The monitor shows that disposable incomes fell by 25 percent in April, with a sharp decline in consumer spending this year.

“Not only do these figures underline the need to support the incomes of workers and families and spending, they also make clear the importance of these supports for the recovery of jobs and the economy.

“Reducing or removing income supports will further reduce disposable income and spending, making recovery even harder for our SMEs.

“As the Chief Economist of the ECB and former Governor of the Central Bank Philip Lane said earlier this week, income supports are crucial to support the wider economy.

“With the future so uncertain and consumer confidence so low, the Minister for Finance must support the economy by stimulating demand. The best way to do this is to continue supporting the incomes of workers and families.”