Gas and electricity bills could go up in the aftermath of a No vote for the fiscal treaty, the director general of employers’ group Ibec has warned.
Danny McCoy was speaking at a business briefing on the referendum in Clery’s department store in Dublin yesterday, where the group argued for a resounding Yes vote on May 31st.
He said although the State could not currently borrow on international bond markets, utility companies such as Electric Ireland, Bord Gáis and Bord na Móna could still raise money on the bond markets.
“If there’s a No vote, there will be less confidence in Irish companies, it will be more expensive for them to raise money and we could see our domestic bills going up. It may not happen, but it could.”
He said the economy was showing “real signs of recovery”, and a Yes vote would ensure this continued.
PJ Timmins, chief executive of Clery’s, said consumer confidence remained low, however it would return.
“Re-establishment of confidence is vital. We need people to feel confident about investing in their homes, investing in their wardrobes and to become more generous in their giving.”
