Ibec Launches Its 2017 Budget Submission
Ibec this week launched its Budget 2017 submission in which it outlines the need to match the UK's decisive moves to improve the UK's attractiveness to business. It also said that the collapse of the sterling was having an adverse effect on exporters, which demands a renewed focus on keeping cots, especially labour costs, under control.
Ibec Director of Policy Fergal O'Brien said: "Britain is facing very serious economic challenges, but is responding aggressively. We must do the same and act in the areas we have control over. Now is not the time for an incremental, cautious approach. We need politicians to grasp the nettle and put in place a tax code for a strong, competitive economy, positioned to thrive in uncertain times.
"Budget 2017 must deliver a major overhaul to our personal and business tax offering. Ambitious investment is also needed to ensure the country has the capacity to grow strongly over the coming years. Competitor economies are assertively seeking to attract mobile investment and talent. There is no room for complacency. Budget 2017 will be the acid test for this Government. The UK has laid down the gauntlet on its business tax ambitions, Ireland must now respond."
Ibec stressed that the Ireland must stay the course on fiscal policy despite the heightened uncertainty of Brexit. It also made recommendations on several issues, including: getting the personal tax system into line; improving tax offering to mobile investment; investing much more in the future, and tackling the housing crisis.
"We have an opportunity to re-position post-crisis post-Brexit Ireland as a nimble, dynamic, pro-business and pro-entrepreneurship economy. If we get it right, we'll reap the rewards in terms of new jobs, quality investment, better public services and improved living standards," Mr O'Brien concluded.
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