In a press release issued today, Sinn Fein spokesperson on Jobs, Enterprise and Innovation, Peadar Toibin has hit out against the failure of the government to live up to its election promises and legislate to end upward-only rent clauses. 
 
He has stressed the necessity of such a move in order to protect thousands of businesses who are struggling due to excessively high commercial rent.  

Deputy Toibin said, "Last week we saw both Best Menswear and Mothercare, who employ 411 people between them, go into examinership. Both retailers cited the crippling cost of commercial rent as a key factor threatening the viability of their stores. It is clear that extortionately high rents are causing great hardship for businesses in Ireland.

In the wake of the economic crash, businesses found themselves paying inflated boom time rates for rent. However, many were and continue to be locked into upward only rent clauses, meaning rents could not be reduced despite the huge downturn in the economy and falls of up to 50% in the retail sector."
 
He added, "Fine Gael and Labour are once again shirking their responsibility. They are putting the survival of many businesses and the livelihoods of their employees at risk.

I am urging the government to stop ignoring the problem and take immediate action if they are genuinely concerned about protecting Irish jobs."

Source: www.businessworld.ie