Budget is pro jobs

This Budget was never going to be easy but it is my hope that we are one step closer to regaining our economic sovereignty. I am particularly pleased with the €700 million seed and venture capital scheme which will support hundreds Irish companies. This is part of the Government’s plans to make billions of Euros available in credit for businesses. This access to credit is sorely needed for companies who are struggling to obtain finance.

SME’s have been made a key priority in this Budget with a package of tax measures included to support them. The Government has also made the choice to support job-creation by avoiding increases in income tax.

The 12.5% corporation tax rate remains unchanged which is of crucial importance to continue to attract foreign investment. There has been a lot of progress in the supports available for businesses, for example the continued implementation of the €90million microfinance scheme and the €450million Credit Guarantee Scheme.

Pressure will also be put on banks to loan to viable businesses, there is to be an increase to €4billion of the lending targets for the two pillar banks for 2013. The Credit Review Office is making considerable steps in the right direction as it has overturned over half of the bank lending decisions which have been appealed to it.

Enterprise Ireland has been a crucial player in supporting indigenous Irish exporters. An allocation of 139 million will be assigned to support existing measures as well as the Venture Capital Fund which will fund new and expanding Irish companies.

11 million is to be provided to allow the Department of Social Protection to increase the number of placements available across the labour market activation schemes by 10,000. This includes new Job Bridge places and Community Employment schemes etc. The boost in the number of places available will encourage people to up-skill and eventually enter the work force.

Last year 20,000 new jobs were created in the private sector after three years in which 250,000 were lost.  Job creation is progressing slowly in the sectors the government is targeting like science and technology. For example 2,000 extra people employed in ICT, 4,000 in tourism, and 10,000 in exporting sectors.  

The Government’s plan to rebuild the economy and create sustainable growth is still on track, this is a pro jobs Budget.