Business groups welcome pro-investment parts of Budget

Business and employers’ groups are broadly welcoming today’s Budget as encouraging investment and innovation.

Chambers Ireland has welcomed the provision in to encourage private investment in small businesses.

Spokesperson Seán Murphy said that tax incentives recently have been aimed more at apartment blocks and building, but the “pro-enterprise elements of the budget are to be welcomed”.

Employers’ body IBEC commented that it is a budget which will promote innovation and investment.

It has greeted positively changes in research and development tax credits, and the extension of the Business Expansion Scheme, but criticised the failure to tackle energy costs.

Director General Turlough O'Sullivan claimed the high levels of spending in the budget run the risk of fuelling inflation.

He said that he would have been happier if Brian Cowen had weighted the spending less on fuelling consumer spending, and more towards restoring the ability of the trading sector to compete.