The Department of Jobs, Enterprise and Innovation now has a budget of €858m, some of which will be used to create more than 40,000 jobs in 2017.
This represents an increase of 10% in capital allocation — the largest rise for the department in more than a decade.
As a result of yesterday’s Budget, the department now has a current allocation of €303m and a capital allocation of €555m — which will be used for such things as job creation and investment in innovative technologies.
“Today is a good day. We’ve put through a very prudent and a very good budget I believe, a fair budget and a just budget. We have secured a 10% increase in the capital funding for this department,” said Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor.
“This is the first time in 10 years, it’s the best outcome that we’ve had.
“I’m delighted to say that it’s an increase in capital of €52m, this brings the Exchequer enterprise and innovation estimates to well more than half a billion euro through capital grants and property-related funding for next year,” added the minister.
She emphasised the importance of continued job creation yesterday.
“You all know we’ve hit the two million mark in employment, just to say the enterprise agencies, Enterprise Ireland and IDA support 411,000 people in their client companies in Ireland,” said Minister Mitchell O’Connor.
The department aims to create between 40,000 and 45,000 new jobs in Ireland in 2017.
Overall, the €52m increase will be used for further job creation, innovation and to support Irish companies respond to the challenges and opportunities that Brexit will present.
Brexit was a key consideration in the department’s capital plan.
Fifty new posts will be created in the department and its associated agencies to help Ireland and Irish companies respond to Britain’s exit from the EU.
At a micro level, local enterprise offices will see their capital funding grow by 22% to €22.5m. This increase is aimed at assisting start-ups and job creation at a local level.
For entrepreneurs, there will now be a lower 10% rate for the capital entrepreneur relief. The self-employed will receive an earned income credit of €950, which is an increase of €400.
For innovation, Science Foundation Ireland will receive €162.5m in 2017 — a 3.5% rise on 2016.
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