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10/14/2015 12:00:00 AM


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Martin, Micheál

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Financial Resolution No. 5: General (Resumed)

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Financial Resolution No. 5: General (Resumed)

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Deputy Micheál Martin

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Micheál Martin

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Snippet Contents:

A number of half-measures were included in the budget to help the SME sector, but they come nowhere near showing a vision to relieve the pressures felt by the sector and set out a model for its development. Every single target to make credit available to SMEs has been missed. They continue to be squeezed by State-owned banks which are being fattened for a rapid sale. If Ireland is to have a long-term balance and sustainability in its economy, it needs to have a vibrant and innovative SME sector.  This work has barely started. In addition, the Government's capital gains tax moves are too little, too late and in no way make us competitive in terms of what is happening to new companies and the CGT treatment they receive in the United Kingdom.
One of the striking things about current industrial and employment policy is how little it has changed.  The core strategies of the main agencies are largely those which were put in place a decade ago.  They target the same general activities and have evolved rather than reinvented supports.  Given just how much has changed in this period, this suggests we need more innovation in policy and less innovation in publicity. A long-term policy which has unequivocally worked for Ireland is the decision to invest heavily in advanced research.  When the last Fine Gael-Labour Party Government left office, the entire dedicated budget for basic research in the education sector was zero.