The Small Firms’ Association has said European intervention might be needed to tackle the ‘black’ economy, saying the problem is only increasing and is robbing as much as €6bn per annum from the exchequer.

Chambers Ireland has called for a tightening of supports for SMEs and entrepreneurs via tax reliefs, the implementation of a cash accounting system and better promotion of initiatives such as the Seed Capital Programme and recently launched schemes such as the Credit Guarantee Scheme and the Micro-finance Fund.