Business figures form think-tank

LEADING business figures and former politicians including Sean O’Driscoll of Glen Dimplex and telecom tycoon Denis O’Brien have drafted an economic recovery plan that urges the Government to slash 30,000 jobs from the public sector.

It has also detailed measures the self-appointed think-tank says could help to create 200,000 jobs it sees as vital if the economy is to get back to sustainable growth.

Glen Dimplex chief executive Mr O’Driscoll has been nominated to advance the proposals from the 17-member think-tank. It also includes Mike Soden, the former chief executive of Bank of Ireland, who confirmed Mr O’Driscoll’s involvement yesterday.

The group, it is understood, has submitted its plan to the Government.

The think-tank, which has been dubbed Ireland First for lack of a formal name, is being co-chaired by Rehab Group chief executive Angela Kerins and One51 chief executive Philip Lynch.

Yesterday, Mr O Driscoll said through his office he “wouldn’t have any comment to make at this stage”.

His public relations adviser, Michael Parker, did not return our calls.

Mr Soden, without giving any specifics contained in the plan, yesterday said much needed to be done to get Ireland back to work.

He stressed however that a central feature of any recovery plan has to be the sorting out the Irish banks.

This issue has dragged on too long and “the level of denial in the Irish banks over the past three or four years has been incredible”.

He said he admired Finance Minister Michael Noonan’s recent warning to Brussels that the imposition of the bank burden on top of managing the budget could prove too much for Ireland in the long term.

“He is not in a state of denial and is making very clear to the people in Brussels what the situation is.”

Brussels bureaucrats needed to understand the pressures the Irish economy faces, he said.

While details of the think-tank have not been confirmed it includes Ray MacSharry, a former finance minister and EU commissioner. Also on the panel is developer Michael O’Flynn, former taoiseach John Bruton, financier Dermot Desmond and Brendan Tuohy, a previous secretary general of the Department of Communications, Energy and Natural Resources.