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Tuesday 25 July 2017

AC/DC buck The Business doom and gloom trend

The guitars roar. The drums pound out the beat. Whole Lotta Rosie blasts into life. It was an unusual way to kick off RTE's Sunday edition of the usually sobering The Business, but tough times call for tough measures.

Over the last few weeks business journalists have become the media's rock stars as they moved centre stage to bring us tales of doom and gloom. But apparently AC/DC are bucking the trend.

"Tickets for the band's first concert in 12 years sold out in three minutes on Friday," presenter John Murray told listeners. Ticketmaster Ireland said: "It was one of the fastest selling concerts we've ever had."

At one stage 12,000 people were logged on trying to buy tickets for the one-off gig next April in the 02.

And the serious business analysis of this sales success in a time of recession?

"It all goes to show the country is still full of headbangers," said Murray, who has managed to make a weekend business show surprisingly entertaining.

Given the week that was in it, the focusturned to the Budget, how to pay less tax and more bad news.

"Voltaire once said common sense is not so common," Money Doctor John Lowe told us. He reckons the Government didn't show much common sense in delivering the Budget.

"[Before the Budget] you could earn €18,250 without paying any tax," he said. "Now you will be paying €182.50."

Okay, not so bad. "[But] if you are on €50,000 you are going to pay tax, you are going to pay PRSI and you are going to pay health and income levies," he enlightened us. "You are going to pay 1pc of €50,000, so if you take the tax away you are going to be left with €38,000 or around that figure. So, you are paying a lot more than 1pc."

The only potential winners from the Budget appear to be cyclists. The Cycle to Work Scheme kicks off in January when you will be able to claim tax back on up to €1,000 when you buy a bike.

In the 80s over 100,000 people cycled but it is now down to about 30,000. It seems we will all have to get on our bikes to survive the downturn.

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