Sinn Féin MP Francie Molloy has called on the British Government to urgently resolve price hikes for car dealerships in the North post-Brexit.
The Mid-Ulster MP said:
“Confirmation from Economy Minister, Diane Dodds, that used car dealerships in the North will no longer qualify for the VAT margin schemes post-Brexit when purchasing cars from Britain is extremely concerning.
“This will mean from January; used car dealerships incur 20% VAT when purchasing cars from Britain.
“This decision by the British Government will be catastrophic for car dealerships and could force the closure of local businesses and the loss of jobs.
“At a time of rising living costs and financial uncertainty for many families, an increase in the cost of cars will also place further financial pressures on families and workers.
“There is nothing good to come from Brexit and this is the reality for citizens and businesses in the North.
“Our economy and people should not have to pay the price for the little Englander agenda of the British Government.”