Ministers Chambers and Calleary unveil new party policy to back business and support enterprise sector with range of initiatives to cut costs, attract investment and drive innovation
Minister for Finance and Dublin West General Election candidate, Jack Chambers, and Minister of State for Trade Promotion, Digital Transformation and Company Regulation and General Election candidate for Mayo, Dara Calleary, outlined a significant plan to reduce the cost of doing business and to support small and medium enterprises (SMEs).
Modern Ireland has been transformed by an economic model which embraces indigenous, home-grown business and inward investment. We have full employment and a record 2.7m people in work providing opportunity and prosperity for families in towns and villages all over Ireland.
Fianna Fáil is ambitious to back business and ensure national policies are implemented that unlock the full potential of our enterprising economy, enable us to respond to changing global dynamics and embrace the green transition.
In addition to attracting investment and driving innovation, the policy has a strong focus on supporting Ireland’s SMEs, which employ more than two thirds of the country’s workforce.
Measures contained in our Backing Business policy include:
- €300m for a Business Support Fund to enhance the viability of businesses in villages and towns.
- Keep VAT on gas and electricity bills at 9% and bring Ireland’s electricity costs closer to the European average through investment in national grid infrastructure, direct state funding to reduce the PSO and system reform.
- Establish a Cost of Business Advisory Forum.
- Reform the Smart Regions Enterprise Innovation Scheme to ensure it is responsive and effective to local needs.
- Reduce by 1.5% the rate of employers’ PRSI on minimum wage workers.
- Introduce a successor to the ICOB/Power Up grants to help hospitality and retail businesses with high energy costs.
- Support the €250m Seed and Venture Capital Scheme.
- Target the doubling of new exporters by 2030.
- Expand Enterprise Ireland staff and offices across the globe.
- Support the further development of Strategic Development Zones across the regions.
- Establish a new Towns Investment Fund of €2bn to build and upgrade infrastructure to open up more serviced sites for building homes.
Minster Jack Chambers said: “While other parties pursue approaches which would risk our economic model by driving away investment, Fianna Fáil is clearly outlining a series of detailed proposals to embrace new opportunities, harness the potential of the green and digital transformations, and best prepare our SME sector for any potential changes in the international trade landscape.”
“Throughout my time as Minister for Finance and during this campaign, I am consistently engaging with many businesses who raise with me the rising cost of doing business as a significant burden on them.
“It is vital that we implement targeted support measures to alleviate these pressures. We commit to the development of a new €2bn Town Investment Fund to transform local economies and to reduce the rate of PRSI by 1.5pc on minimum wage workers for small and medium enterprises."
Minister Chambers added: “In tandem with these enterprise specific measures, we are also committed to major investment in our public services across housing, energy, water infrastructure and transport. From our engagement with business owners, we know these are key priorities for the sector and to support employment. Workers need homes to live in and public transport to get to and from work. Fianna Fáil will deliver the investment we need in these critical areas.”
Speaking at the policy launch, Minister Calleary said: “I am really pleased to launch Fianna Fáil’s Enterprise Policy as part of this Election campaign. This sets out our ambitions to back business in our country.
“Entrepreneurship needs to be supported across the island. We will establish a €300m Business Support Fund to enhance viability of our enterprises in towns and villages. We will establish a Cost of Business Advisory Forum so that business owners have direct input into policy development.
“We will strengthen the Smart Regions scheme to ensure that everything plays to their strengths; to ensure that regional enterprise opportunities align with national priorities in renewable energy and sustainable economy, in Digital, in Trade.
“Entrepreneurship is all Island. Working with the Shared Island fund and Intertrade Ireland we can grow our all Island entrepreneurship opportunities.
“Ireland is a trading island. Fianna Fáil will support those who want to export, will invest in companies to assist them in reducing their administrative burden and will invest in Enterprise Ireland to grow the presence of local market expertise across the globe.
“We understand the struggles businesses are facing with rising costs and energy costs in particular. Our decision to keep VAT on gas and electricity at 9pc underscores our commitment to helping businesses reduce their costs base. This approach contrasts with other parties who will increase VAT on energy costs, heaping further pressure on small business owners.”
ENDS