Industry & Business

British Irish Chamber of Commerce Calls For EU-wide Brexit Mitigation Fund

 Breaking News
  • Finch Capital to Step Up Investment Activity in Irish Fintech Market Finch Capital, a leading early stage venture capital firm with offices in Amsterdam, London and Singapore, has announced that it now has an active presence in the Irish market and is dedicating up to €20 million to Irish start-ups in the fintech sector, following a €10 million investment from Enterprise Ireland. In 2018, Finch Capital closed [...]...
  • ESB and Coillte in Discussions to Deliver Renewable Energy Projects ESB is engaged in bilateral discussions with Coillte which, if successful, would lead to the establishment of a new joint venture development company to deliver 1,000 MW of renewable energy by 2030. It is proposed that a new joint venture will build on a successful track record of the two companies working together at Raheenleagh [...]...
  • Grocery Market Fends Off January Blues The Irish grocery market followed up a record-breaking festive period by posting year-on-year sales growth of 3.4% during the 12 weeks to 27 January. Despite shoppers tightening the purse strings, the latest figures from Kantar Worldpanel show a strong start to 2019 as New Year’s resolutions shaped shopping baskets. Douglas Faughnan, consumer insight director at Kantar [...]...
  • McAleer & Rushe Commences Construction on London Development Northern Ireland-based developer and contractor McAleer & Rushe has announced that construction is to commence on a new 620 room hotel and hybrid aparthotel development in Paddington, London with a contract value worth c.£82 million. Led by developer Concierge 3, a consortium of BSW Land & Property, Staycity and The Pickstock Group, the scheme is the final stage of the [...]...
  • Launch of 182,500 sq ft Seamark Building Marks Completion of Dublin 4 Redevelopment Project Chartered Land has announced that the major €45 million transformation of the eight storey 182,500 sq ft Seamark Building at the Elmpark Green campus in Dublin 4 is now complete. The completion of the Seamark Building, prominently located at the front of the campus with panoramic views over Dublin Bay, brings an end to the [...]...

British Irish Chamber of Commerce Calls For EU-wide Brexit Mitigation Fund

British Irish Chamber of Commerce Calls For EU-wide Brexit Mitigation Fund
August 10
12:13 2018

The British Irish Chamber of Commerce has called for the establishment of an EU-wide Brexit Mitigation Fund for industries and regions negatively impacted by Brexit and urged the government to step up its efforts to protect the economy against the worst impacts of the UK’s withdrawal from the EU.

In its Pre-Budget Submission presented to the Minister for Finance Paschal Donohue TD, the Chamber warns of the knock-on effects of no-deal Brexit scenario. With the aim of mitigating these risks, the Chamber has put forward a series of measures that seek to Brexit-proof the economy, protect UK-Ireland trade, enhance business competitiveness and invest in Ireland’s future needs.

To sustain job growth and business investment in this era of uncertainty, the Chamber recommends that Budget 2019 consider the:

  • Creation of an EU-wide Brexit Mitigation Fund for industries and regions most impacted by Brexit;
  • Establishment of a working group to identify the impact of Brexit on each tax heading;
  • Ringfencing of a proportion of the annual corporate tax intake for a ‘Rainy Day Fund’ to protect against the shock of a ‘hard Brexit’;
  • An incremental reduction in Ireland’s standard rate of VAT;
  • Retain the 9% VAT rate for the tourism and hospitality sector;
  • Development of a North-South Academic Corridor;
  • Doubling of funding for the arts sector over the next five years;
  • Development of a National Infrastructure Commission;
  • Reduction in VAT for large scale buy-to-let developments.

In launching the Pre-Budget Submission, John McGrane, the Director-General of the British Irish Chamber of Commerce, said: “The UK’s withdrawal from the EU offers a timely, urgent and powerful catalyst for doing the right things, now. For Ireland is uniquely exposed to Brexit on all fronts, with untold economic, social and cultural repercussions for decades to come.

“In advocating for an EU-wide Brexit Mitigation Fund, the government can help protect the most vulnerable sectors of our economy and areas of the country most impacted by the UK’s impending withdrawal from the EU. Setting aside some of our future corporate tax revenue will also provide an additional financial buffer to protect the Irish economy from the worst consequences of Brexit.

“Right now, in a world filled with challenge and change, future-proofing the Irish economy is not just about Brexit-proofing, it is also about enhancing Ireland’s competitiveness and investing in our future needs. By investing in world-class infrastructure today, we can sustain growth and jobs in 2019 and beyond. By reinvigorating a high-impact and sustainable education system we can ensure our future workforce is aligned to Ireland of 2040.”

The recommendations set forth within the British Irish Chamber of Commerce’s Pre-Budget Submission are the culmination of policy seminars, stakeholder engagement, expert analysis and input from the Chamber’s ten policy committees and membership base.

About Author

admin

admin

Related Articles

New Subscriber

Subscribe Here



Advertisements




















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4