The President of ICMSA, Jackie Cahill, stated that the Budget will significantly reduce the income of all farm families on a number of fronts – including social welfare. He did, however, welcome the provision for an Agri-Environment Options scheme in 2011 as sought by his organisation and he said that the decision to continue stock relief is a proper and necessary measure to underpin the desired expansion in the national breeding herd. Mr Cahill criticised the decision to abolish accelerated capital allowances for farm investment as he maintained that this will necessitate increased borrowings for investment. He also criticised the lowering of thresholds for CAT
Mr Cahill said that farmers will particularly welcome the safeguarding of the funding allocated to the various schemes, but he warned that the details of the Universal Social Charge – particularly the income base – could prove very important for farmers. ICMSA would be looking at the Finance Bill very closely and he said that the decision to increase excise duty on auto diesel was inexplicable in the context of a drive to an export-led recovery.
Ends, 7 December 2010.
Queries to Ciaran Dolan, 087-2322010
ICMSA Press office
Cathal MacCarthy, 087-6168758 or 061-314677
ICMSA Press Office.