The famous Irish lobbyist group Ibec has issued a harsh warning in relation to competitiveness erosion in Ireland. They are urging the government to solve the decline through supporting local industries and businesses as well as infusing an amount €250-million into the country’s higher education. This came after the group sent out a warning after submitting their pre-budget for 2019. According to the group, the country’s tax and industry base have in large become perilously concentrated. The solution, they believe would be for Finance Minister Paschal Donohoe to implement tax breaks.
Demanding The Country To Offer Relief
The request is that Irish entrepreneurs be given more unstinting capital gains tax relief with the hope of boosting small and medium-sized businesses. The group reckons that this would look like the Government abandoning what it calls its rainy-day fund and instead funnel all those funds into the country’s higher education framework. Doing so may allow Irish universities to not only once again rank in some of the best in the world like our neighbouring countries, but will also create a market of well-educated individuals ready to invest into the country’s economy. The initiative is a rather straightforward one and could prove to be beneficial to Ireland’s competitiveness in the world economy.
Reviving The Economy, Correcting Past Wrongs
According to Fergal O’Brien the director of policy and public affairs at Ibec, the Irish government failed to balance the country’s economy after the events of the economic crash back in 2008 by failing to support and fund local businesses. Which the group claims caused many small local businesses to fail, stagnating economic growth at a local level. O’Brien does indeed acknowledge that the economy is currently doing well, but is adamant that the rise in costs is eating away at the country’s ability to be competitive. He is not the only business analyst who agrees with this notion, with many calling for the government to get involved.