Commenting on Budget 2011 outlined today by Minister for Finance Brian Lenihan, Director of Bibby Financial Services Ireland Graham Byrne said:
“While we understand the Government’s attempts to stabilise the Irish economy, today’s Budget will mean businesses will have to work harder to remain competitive in the year ahead.
“The lowering of the minimum wage to €7.65 will assist businesses struggling with overheads however; the widening of the income tax band to 60 per cent of the workforce into the tax net will bring a further blow to consumer sentiment.
“There is some good news for start up businesses with the extension of the three year corporation tax exemption and the revamped Business Expansion Scheme to be renamed the Employment and Investment Incentive will see the limit that can be raised by companies increased from €2m to €10m.
“At a time of high unemployment, the 15,000 extra work placement and training places are to be welcomed to support businesses and increase skills in the marketplace. However, the Budget has failed to address the barriers to credit facing Irish businesses.”
“Financing is key to survival and it is important that Irish SME’s are aware that there are other forms of funding available, such as invoice finance which can support their business. Invoice finance offers a stable and secure form of funding allowing firms to sustain and grow their business irrespective of the economic climate.”
Posted on 08 December 2010