LIMERICK City Council has agreed a commercial rates cut of 0.5 per cent for city businesses.
At the local authority's annual budget meeting, which went on until late last night, Fine Gael presented proposals to make savings of â‚¬150,000 from other programmes in order to facilitate the cut.
Labour presented proposals to cut the rate - which stands at 76.45c - by one per cent, but Fine Gael's majority on the council saw their proposals over the line.
The move represents the fourth time in the last six years the local authority has agreed a cut.
Limerick Chamber - who attended the budget meeting - called for a 25 per cent rates cut to rejuvenate city business.
A number of councillors pointed out this was not possible, with Independent member John Gilligan describing this as "Alice in Wonderland economics".