Chambers Ireland has said that today's Budget has the potential to "significantly boost confidence" and "get Ireland on the road to recovery".
Ian Talbot, Chambers Ireland Chief Executive, said: "We expect international markets to welcome this budget as a clear indication that Ireland intends to take control of its own destiny and this will create great opportunity for growth.
"The reductions in public sector pay and pension costs will be achieved through equitable distribution, thereby ensuring the least impact on lower paid workers. Whilst many public sector workers may feel aggrieved by these reductions, it is important to remember that these cuts have been designed to deliver future job security."
“Stimulating business activity is fundamental to Ireland’s economic recovery. As such the reduction in excise duties on alcohol, following an extensive Chamber campaign, and return in the rate of VAT to 21% from January 1, 2010, are to be welcomed and we expect a strong rebound in VAT revenues in 2010.
"We also welcome the re-statement of Government commitment to the 12.5% rate of corporation tax which is essential to the retention and growth of Foreign Direct Investment and a key component of our competitiveness," he said.