Over 48,000 new jobs to be supported in 2014 through DJEI Budget – Minister Bruton

More than 48,000 new jobs will be created in 2014 as a result of support from the Department of Jobs, Enterprise and Innovation, Minister for Jobs, Enterprise and Innovation Richard Bruton TD said today.

Enterprise Ireland and IDA are targeting the creation of a total of 24,000 gross new jobs in supported companies during 2014 as a result of financial supports allocated under today’s Budget. Based on a conservative calculation of standard multiplier effects, this will result in the creation of more than 20,000 additional jobs elsewhere in the economy through supply companies and support services. The CEBs/LEOs are expected to support the creation of a further 4,500 jobs in 2014.

Minister Bruton was speaking at a press briefing on job-creation in Budget 2014 along with Minister of State for Small Business John Perry TD and Minister of State for Research and Innovation Sean Sherlock TD.

Further job-creation measures included in Budget 2014 include:

· A package of new measures to support start-ups and growing businesses, including an income tax exemption for long-term unemployed people who start a business and incentives for investment in start-up businesses

· €3.5million in additional funding for CEBs/LEOs

· Continued provision for a total of over €2billion in non-bank credit schemes for business

· More than €400million in total funding invested through EI and SFI research and innovation programmes in 2014, taking into account expected levels of funding from various sources including EU and industry, in line with 2013 investment

· Full delivery of Action Plan for Jobs 2014

· Supports for jobs growth in targeted sectors including retention of the 9% VAT rate for the hospitality sector, 0% air travel tax, home renovation incentive, extension of the Living Cities Initiative

Minister Bruton commented:

“This is another pro-jobs, pro-enterprise Budget and is further clear statement of intent by this Government to continue the job we started in 2011 to rebuild our shattered economy.

“Budget 2014 is aimed at building on and accelerating the progress we are making in addressing the massive jobs challenge we inherited. In an extremely difficult Budgetary environment, I am happy that investment right across my Department’s capital programme in 2014 will continue in line with 2013 expenditure levels, and new funding is being provided for CEB/LEO initiatives.”.

“Through investments provided in Budget 2014 my Department will support the creation of almost 50,000 new jobs in 2014. We will continue the cross-Government focus on the jobs agenda with continued support for €2billion in non-bank credit schemes for business and further new incentives for start-ups and SMEs. And in 2014 total spending on research and innovation supported by my Department through Enterprise Ireland and SFI, at over €400million, will be in line with 2013 levels.

“I am also very happy that entrepreneurs and start-up businesses, an area that my Department and I have targeted for supports, is receiving very specific attention today. Earlier this year I asked Sean O’Sullivan to Chair an Entrepreneurs Forum and I am pleased that so many of the ideas that they have championed are being addressed in today’s Budget. Government is now putting in place a major package of new supports for start-up and growing businesses, including €3.5million in additional funding for the CEBs/LEOs and a package of measures to support start-ups.

“We inherited an economy which had been losing 7,000 jobs per month for 36 months. Through the measures we have put in place, we are now creating over 3,000 per month. Through Budget 2014 we will be able to provide continued supports for the full range of vital job supports that have proved instrumental in turning around the jobs market and getting growth into the economy over the past two years. Crucially, we are also providing for new and innovative measures that will build on this progress, accelerate the trends we have started and create the jobs we need”.