March 5, 2024
Report on increased business costs makes case for reforming supports – Louise O’Reilly TD

Speaking this afternoon, Sinn Féin spokesperson on enterprise, trade, and employment, Louise O’Reilly TD, has said a government report on policy driven increased business costs makes the case for reforming business supports to ensure they benefit the most impacted economic sectors.

Teachta O’Reilly said:

“The Department of Enterprise, Trade, and Employment report, “An Assessment of the Cumulative Impact of Proposed Measures to Improve Working Conditions in Ireland”, has provided detailed analysis of the impact of government policy interventions on business costs.

“The report includes analysis of the impact of statutory changes such as the right to request remote work, Statutory Sick Pay, pension auto-enrolment, Parent’s Leave and Parent’s Benefit, the additional public holiday, and the transition to a Living Wage.

“These are all measures which Sinn Féin support and have campaigned for over many years, and we welcome the government’s adoption and implementation of Sinn Féin policy.

“However, there is no doubt that for some businesses the impact of these changes is significant in terms of additional costs.

“The Department of Enterprise report reinforces this and outlines what many businesses have been saying for almost a year now – that impacted sectors need due consideration from government.

“The paper is particularly revelatory for the impact of increased business costs on the domestic demand driven services economy – namely retail and hospitality.

“Given the importance of these sectors to the economy, to employment, and to society, Sinn Féin believe they deserve considered attention.

“On the basis of the data contained in the paper, it is clear the once-off Increased Cost of Business (ICOB) Scheme is not the medium-term solution for business.

“The paper reinforces the need for government to engage with industry and design a bespoke, but time limited, support for those sectors most impacted by public policy interventions.”

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