Budget 2017 Must Look Beyond the Short Term And Prepare the Irish Economy For The Future

The Irish Chamber Network, Ireland’s largest business network,) launched its Budget 2017 Submission outlining the need for Government to refocus on strategic investment in the infrastructure of the economy to secure Ireland’s economic future.

Madeleine Quirke, CEO Wexford Chamber, said: “The context for consideration of the economic outlook for Ireland in Budget 2017 is dominated by the uncertainties created by Brexit. Over recent years, Ireland’s economy has experienced robust growth. However it is now clear that Ireland must prepare for some degree of negative impact stemming from external forces. The direct impact of Brexit on our unique trading relationship with the UK and its impact on other economies globally must be taken into consideration in Budget 2017 and in Ireland’s broader economic plans.”

The nature of Ireland’s small, open economy means that we remain vulnerable to global economic volatility and uncertainty. There is a real risk that even as the economy continues to grow, a loss of cost competitiveness and infrastructural deficits could obstruct our growth. We must focus the limited resources we have on preparing the economy for the future and protecting our competitiveness. It is necessary to strike a balance between the extremely progressive income tax system we have versus one that is punitive and internationally uncompetitive.

“Brexit undoubtedly poses risks to our economy, but we are currently in a strong position to prepare for these. Budget 2017 is an opportunity for Ireland to refocus on strategically investing in key areas of our economy to ensure that we have the infrastructure necessary to support our economy’s ongoing growth. We must now take the opportunity to secure our future by making plans to invest in areas that will address our long term challenges for the benefit of all those living and working in Ireland” concluded Madeleine.

Wexford Chamber, in partnership with PwC, will be hosting a post Budget Breakfast details of which will be advertised over the coming weeks.

Chambers Ireland Pre-Budget Submission can be downloaded here