IBEC WARNS FAILURE TO REFORM TAX SYSTEM WILL LEAVE IRELAND BEHIND UK
A business group is warning we are at a ‘crisis point’ on investment in Ireland’s infrastructure.
IBEC is calling on the Minister for Finance to honour a promise not to introduce a pre-election style budget in October.
They want the Irish government to mirror the efforts of the UK new budget in supporting entrepreneurs and foreign direct investment.
But chief economist Fergal O’Brien says Ireland’s Budget 2016 must have a vision beyond the next general election.
“Right now we’re at a crisis point in terms of the lack of infrastructure (and) investment in the economy” he said.
“We’re spending less than 2 percent, we need to be spending a minimum of 4 percent”.
“This is the third lowest infrastructure spend in Europe and we’ve the fastest growing population”.
“The pinch point are out there – infrastructure, transport housing – they’re all there”.
“If we don’t address them now, we will choke off the growth over the coming years” he added.
