Dáil Éireann Debate, Wednesday - 15 July 2020
55. Deputy Matt Shanahan asked the Tánaiste and Minister for Business, Enterprise and Innovation the measures he plans to introduce as part of the July stimulus package; and if he will make a statement on the matter. [16219/20]
View answerMy Department has developed a range of proposals which I have brought to the Cabinet Committee on Economic Recovery and Investment for consideration. These proposals, along with others from Ministerial colleagues, will be developed and adjusted further for the Government’s consideration of an ambitious stimulus package which will be announced shortly.
It would be inappropriate to set out now the details of the proposals but I can assure the Deputy that the Government will not be found wanting. Not only must we overcome the current challenges, but we must also look ahead.
Already there are some welcome signs of improvement in business activity and the economy. However, sectors that employ a lot of people, such as tourism and hospitality, arts and entertainment and other services that rely on social interaction, continue to be in serious difficulty and their recovery prospects are highly uncertain. While it may not be possible to keep every firm and job alive, I believe our emphasis should still be to protect jobs insofar as we can.
I see five areas which we should focus on in helping our enterprises in the future:
1. Continued support for employment through an extended wage subsidy scheme
2. Direct grants for businesses
3. Cheaper finance
4. New opportunities for future jobs
5. Support for the hardest hit sectors
The July Stimulus needs to help all firms meet the fixed, non-wage costs incurred during lockdown and in re-opening. Our current Restart Grant is a help but I recognise it has limitations which are preventing it from having a deeper and wider impact.
While I have emphasised the importance of preserving existing firms and jobs, the July package should also have an eye to exploiting emerging opportunities and attract high value projects with significant economic benefits. Importantly, the July Initiative must position our economy and firms to meet future challenges. In the near-term, this includes helping companies further in overcoming the challenges of Brexit but we also need to include measures that build enterprise resilience and help them transition to a low carbon future.
I look forward to the announcement of details shortly.
