Dublin Chamber was represented at the most recent National Economic Dialogue, where Government consulted with stakeholders on a range of public policy issues, centred around public finances. Over the course of the day, we were able to put forward a number of key points from our forthcoming Budget Submission to the Taoiseach, Tánaiste, other Government Ministers and senior civil servants in attendance. In addition, we met with Minister Simon Coveney and Minister McGrath as part of the SME and State Bodies Group, to discuss economic trends and the upcoming Budget. The points we made at these meetings are outlined below.

Government have begun a review of the National Planning Framework (NPF). The NPF places limits on the growth of the Greater Dublin Area such that planning permissions for new residential developments on zoned and serviced land and with access to public transport are being rejected. Under the NPF, towns in Wicklow and Kildare are considered “full” as their populations have already reached the limits set out by Government. This housing ban runs contrary to the needs of the Dublin region, where the lack of affordable accommodation is the topmost issue affecting staff recruitment and retention. The detailed figures from Census 2022 show that Kildare and Fingal are amongst the fastest growing areas in the country since 2016. We have argued that capital spending should follow where people are choosing to live, rather than placing limits on sustainable metropolitan growth. More spending in the region is required, on transport, water, energy, and other social infrastructure, in order to reflect this growth.

Minister for Enterprise and Employment, Simon Coveney, has advised us that his department is reviewing the suite of enterprise supports under his remit. We have called for the SME test to be applied to how firms apply for EIIS, the R&D tax credit and entrepreneurs’ relief in order to reduce the complexity of these schemes and make them “work” for business. Dublin Chamber also highlighted the need for a closer look at incentives for firms to reduce the carbon emissions of their premises, given the high capital costs involved.

A central tenet of our Budget lobby is emphasising the need to reduce the rate of CGT from 33% to 20% for investment in unquoted indigenous firms engaged in productive activities. An investment in a start-up business, whether in tech or in a coffee shop, carries an inherently different risk than buying quoted shares on the stock market. With rising interest rates beginning to bite for firms looking to raise capital, a reduction in CGT might provide a much-needed boost. We hold the view that Government does not need to compensate firms for being in business. Rather entrepreneurs should be rewarded for the risks that they do take in starting up, scaling and growing a firm.

Finally, Dublin Chamber highlighted the need to remove the barriers facing potential second earners and women in particular from rejoining the labour market, including reform of income tax and increased childcare supports. Companies are finding it difficult to find staff across a range of functions and skills, reflecting a very buoyant economy. More needs to be done to encourage workers to stay in jobs and increase the labour force participation rate.

To view papers from the NED breakout discussions, please view them on our website here, and to view the NED Programme, click here.

Dublin Chamber continues to represent and advocate for the needs of its members at the highest levels of Government, and we look forward to sharing our Budget submission with you in the coming weeks. In the meantime, we encourage you to get in touch with our Public Affairs team with any issues impacting your business at policy@dublinchamber.ie.