Bruton vows measures to tackle upward-only rents
The Jobs Minister Richard Bruton has said measures will be put in place soon to tackle the issue of upward-only rents.
Retail Excellence Ireland published a study today, showing that a refusal of landlords to reduce rent costs is leading to significant job losses within the retail sector.
A survey of more than 1,400 stores around the country found that rent was reduced by between 3% and 4% over the past three years, but retail sales had decreased by 30%.
Mr Bruton said the Justice Minister Alan Shatter has prepared a range of proposals to deal with this issue and measures to address it should be put in place "shortly".
Mr Bruton said: "He (Mr Shatter) has prepared proposals, he has taken advice from the Attorney General and I think the Government will be in a position to make an announcement shortly.
"I think the rent is part of a much wider cost agenda and there is no doubt that Ireland has to get to grips with its cost base. We have made good progress in the last 18 months, but the Government is determined to sustain the pressure to reduce costs right across the board so that businesses can thrive."
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