Dáil Éireann Debate, Thursday - 17 May 2018
85. Deputy Bernard J. Durkan asked the Minister for Public Expenditure and Reform the extent to which he can take steps to minimise the impact of Brexit on the economy; and if he will make a statement on the matter. [21930/18]
Amharc ar fhreagraPrudent management of the public finances in order to ensure that Ireland's economy continues to remain competitive in the face of future economic headwinds is the best and most immediate policy under the Government's control to counter the likely negative economic impacts of Brexit.
In Budget 2017 the Government took important steps to prepare the economy. Additional resources were quickly provided to Enterprise Ireland, IDA and Bord Bia to provide critical support to companies and to help them deal with Brexit – making them more competitive, diversifying market exposure, and up-skilling.
Budget 2018 is continuing the work of getting Ireland Brexit ready. Based on the assessment of what is now required to continue preparing the economy for the challenges it faces, the Budget contained measures to improve the competitiveness of our personal taxation system; introduce a new €300 million Brexit loan scheme for SMEs; further the establishment of the Rainy Day Fund to strengthen our finances in a changing world; allocate additional capital expenditure of €4.3 billion over the next four years; increase education spending for 2018 to over €10 billion so as to keep our economy competitive and attract investment post-Brexit; increase resources for the Department of Agriculture, Food & the Marine to over €1.5 billion and so support Ireland’s largest indigenous industry; and increase the allocation for the Department of Business, Enterprise & Innovation to provide for additional staff in the Department and the enterprise agencies.
Brexit will also be a critical factor in our longer-term economic strategy. Good long-term planning supported by investment in Ireland’s public capital infrastructure has a very important role to play in ensuring the resilience of Ireland’s economy. The National Development Plan demonstrates the Government’s commitment to meeting Ireland’s infrastructure and investment needs over a ten year period. It will assist in future-proofing the economy and safeguarding economic growth from the risks and uncertainties of Brexit. It will improve our competitiveness and resilience and enhance our ability to continue to attract and maintain business.
The NDP comprises an investment programme of €116 billion. Investments which will be particularly relevant to Brexit include integration of transport, energy and communications networks; new resources for tourism development and promotion; and supporting Brexit-exposed firms to diversify international markets.
