FG/Lab budget will switch off the lights at thousands of domestic businesses
Speaking as the details of the budget emerged, Sinn Féin spokesperson for Enterprise, Jobs and Innovation, Peadar Toibín TD, said:
“Since coming to power we have lost over 20,000 jobs in the economy, long term unemployment and emigration has increased, business closures continue and the economy is flat. By any performance measure this is policy failure.
“Michael Noonan claimed that we are now on the road to recovery, in reality we have reached the bottom and is the economy is stalled. Massive cuts to low and middle income earners will reduce demand in the domestic economy even further with the resultant business closures and job losses.
“Minister Bruton claimed that this was a jobs creation budget and reheated a list of earlier announcements. What the Minister failed to detail was that over two years this government has reduced the job creation budget by €84 million (10%).
“There will also be a €500 million cut to capital investment leading to between 4,000 and 7,000 job losses. This means that the infrastructure deficits in the economy such as schools, roads, rail and hospitals will be cancelled.
“Despite investing €64 billion in the banks the government has to continue to seek the public purse to make loans to SME’s. The Government fails to hold the banks to account for their appalling record on supporting business. New credit provisions will come again instead from the public purse.
“We welcome that the government has sought to implement some of the policies that we support such some of tax proposals on SME’s. The Minister for Jobs highlighted the adherence to the 12.5% corporation tax. However it is clear that not all business are being treated equally.
“Many of the large corporations pay a tax at a less rate than local SME’s. We need a level playing for all our businesses and we need all our business to pay their fair share.
“Sinn Féin brought forward, in our pre-budget proposals, a retro-fit scheme that would deliver large scale jobs and address the needs of our people. Today the proposals by the Government are at such an anaemic scale that it will require 40 years to refit all those houses that are in need.
“While there are some proposals around the margins that we support, it is clear that this budget will continue to follow the same failed policies that have increased emigration, increase long term unemployment and depressed the local economy. It is clear that this government is disconnected from the people and from enterprises.”