Senator Lisa Chambers, Fianna Fáil European Election candidate for the Midlands-Northwest, facilitated an important business breakfast at Breaffy House Hotel, Castlebar on Thursday, April 25th. Attended by Minister for Finance Michael McGrath, the event provided a platform for Mayo businesses to discuss the economic headwinds they are currently navigating.
Amid conversations, local businesses highlighted the increasing cost of doing business, citing concerns over rising insurance premiums, the VAT rate for food establishments in particular, and the impact of the higher minimum wage. "Businesses are wholeheartedly behind the principle of better wages, but we cannot ignore the cumulative impact of these increased costs," said Senator Chambers.
The auto-enrolment pension scheme was also highlighted by business representatives. The scheme aims to address the low coverage of private pensions by automatically enrolling employees, aged between 23 and 60 and earning over €20,000, into a pension plan, which will be matched by employer contributions with additional top-ups from the state. This scheme is particularly noteworthy as it presents yet another financial consideration for businesses at this juncture.
During the discussion, representatives expressed gratitude for government support during the pandemic but emphasised the need for further investment in the region to foster recovery and growth. Senator Chambers supported this call, pledging to prioritise regional development. Businesses also discussed Budget 2025 with Minister McGrath and what they saw as key elements that should be included. The Minister did indicate the views of businesses and the cost of doing business will be considered in the upcoming Budget. Minister McGrath said the Government is aware that there are also future costs coming down the line for businesses, on top of what they are already dealing with and a suite of measures will be included in Budget 2025 to help with the increased cost of doing business.
"Recognising that SMEs account for a significant portion of employment, it is crucial that their voices are heard and their concerns addressed," Senator Chambers remarked. "I am determined to ensure that Mayo's economic landscape is bolstered by policies directed by need and necessary investments."
ENDS