IoD calls on Minister for Finance to consider the needs of business in upcoming Budget
Date: 22 October 2010The Institute of Directors in Ireland (IoD) is today calling on the Minister for Finance, Brian Lenihan, to be conscious of the needs and concerns of business when preparing the upcoming Budget.
Businesses throughout the country have endured significant and unprecedented pressure in recent years and it is vital that measures are put in place to ensure that viable businesses can continue to operate and remain competitive in the current climate. Supporting and encouraging enterprise, both indigenous and international, will strengthen our economy and form the backbone of our recovery.
Securing foreign direct investment should be central to our recovery and growth strategy and its importance in terms of job creation is clearly evidenced in today’s research from IBM. The 12.5 per cent corporation tax is a key factor to attracting and retaining multinationals and the IoD urges the Minister to hold the current rate.
In addition, steps must be taken to alleviate the difficulties faced by businesses when accessing credit. Lack of working capital is crippling SMEs and start ups and this must be urgently addressed by Government. We also need to incentivise entrepreneurship by putting in place mentoring schemes, greater state supports and stronger links between education and enterprise.
Ann Riordan, President, Institute of Directors in Ireland, said: “While we all accept that hard decisions need to be made, we must recognise that our economic recovery is equally dependent on the business community and by providing support to businesses through this crisis, we can ultimately support long-term economic recovery and growth. We must ensure that Budget 2011 not only protects the viability of Irish business, but also focuses on its future, through creating a framework for sustainability, retention and growth.”
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