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Budget 2017 Must Look Beyond the Short Term And Prepare the Irish Economy For The Future

Jul 28, 2016

 

Chambers Ireland, Ireland’s largest business network, today (28 July 2016) launched its Budget 2017 Submission outlining the need for Government to refocus on strategic investment in the infrastructure of the economy to secure Ireland’s economic future.

Ian Talbot, Chief Executive, Chambers Ireland speaking at the launch, said: “The context for consideration of the economic outlook for Ireland in Budget 2017 is dominated by the uncertainties created by Brexit. Over recent years, Ireland’s economy has experienced robust growth. However it is now clear that Ireland must prepare for some degree of negative impact stemming from external forces. The direct impact of Brexit on our unique trading relationship with the UK and its impact on other economies globally must be taken into consideration in Budget 2017 and in Ireland’s broader economic plans.”

“The nature of Ireland’s small, open economy means that we remain vulnerable to global economic volatility and uncertainty. There is a real risk that even as the economy continues to grow, a loss of cost competitiveness and infrastructural deficits could obstruct our growth. We must focus the limited resources we have on preparing the economy for the future and protecting our competitiveness. It is necessary to strike a balance between the extremely progressive income tax system we have versus one that is punitive and internationally uncompetitive.”

“Brexit undoubtedly poses risks to our economy, but we are currently in a strong position to prepare for these. Budget 2017 is an opportunity for Ireland to refocus on strategically investing in key areas of our economy to ensure that we have the infrastructure necessary to support our economy’s ongoing growth. We must now take the opportunity to secure our future by making plans to invest in areas that will address our long term challenges for the benefit of all those living and working in Ireland.”

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For further information contact Susan McDermott, Chambers Ireland on 01 400 4331, 086 6081605 or email susan.mcdermott@chambers.ie

Note to editor:

Chambers Ireland Pre-Budget Submission can be downloaded here

Information on the submission:

The Irish Chamber Network’s Pre-Budget submission makes recommendations across three areas:

Supporting Growth through ensuring we have a sustainable revenue streams through a broad tax base and that our taxation system do more to support enterprise and encourage entrepreneurship;

Where we need to invest identifies the investment in infrastructure necessary not only to protect our ability to attract investment but also to ensure our indigenous economy can continue to grow;  

Securing our future outlines priority areas to help us prepare for economic headwinds by implementing long term policies to ensure our sustainable growth.

Some of our key asks:

Taxation

  • A reduction of the Marginal Tax rate to below 50% to support productivity and help attract and maintain a skilled workforce.

 Broadband

  • Prioritise and accelerate investment in the roll out of the National Broadband Plan to areas where there is a capacity to generate an economic activity amongst local businesses.

 Transport

  • Restore funding in land transport to long run average rates for developed countries; additional capital funding should be front loaded to ensure our transport network can cope with current demands.
  • Enhance urban connectivity as a priority.
  • Prioritise the funding for steady state maintenance of our road infrastructure to prevent the network from depreciating further.

Education and Skills

  • Ireland’s apprenticeship programmes should receive the funding necessary to enable them to succeed and become a preferred option for school leavers in the longer term.

 Chambers Ireland – Ireland’s largest business network creating the best environment for members locally, regionally and nationally.

 

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