There is a clear path open to the Government that would de-risk our economy from over-reliance on foreign direct investment (FDI) and seize an important opportunity to future-proof our economic model as we prepare for an EU without the UK. That path is to focus on small business and support this important sector to fulfil its potential.
This would involve creating a whole-of-government Small Business Strategy, with a roadmap towards significant policy goals (increased productivity, export diversification etc.). Immediate changes would support the achievement of these goals, including certainty on costs for small businesses in Budget 2020, reducing capital gains tax, increasing the self-employed tax credit and greater funding for training and upskilling.
Supporting small businesses would mitigate some of Ireland’s current vulnerabilities and create a true entrepreneurial culture with benefits for entrepreneurs, employees and communities.
Small Firms Association priorities for Budget 2020:
The full submission is available below.