Budget 2013 Enterprise: Bruton hails ‘very strong pro-enterprise’ stance

Jobs Minister Richard Bruton hailed the latest budget for its “very strong pro-enterprise, pro-jobs” stance, saying its proposals reposition the country towards the “tipping point” of economic development.

“In a very difficult budget, a package of pro-jobs tax measures are being delivered, the capital budget for enterprise supports is being protected and a series of innovative finance schemes are being delivered to leverage exchequer funding with private funding to provide more of the credit our businesses badly need.

“The Government, in Budget 2013, made the choice to support job creation, by avoiding increases in income tax, and restated the Government’s absolute commitment to the 12.5% corporation tax rate.”

The Department of Jobs, Enterprise, and Innovation’s capital budget has been broadly protected for next year, with a total allocation of €505m. Mr Bruton said jobs would continue to be his department’s top priority in 2013 and a gross job creation figure of 12,000 was targeted.

As well as a range of new support funds being established, via the National Pensions Reserve Fund, €175m of new exchequer funding is expected to leverage a further €525m in private sector funding to create a total of €700m available financing to businesses.

While greater detail will emerge via the Action Plan for Jobs 2013 programme, Mr Bruton said yesterday that “well over 100 innovative Irish companies are expected to benefit, with thousands of jobs created and hundreds of millions of euro in additional exports generated.

“Budget 2013 will enable the delivery of a range of new and improved supports for companies in need of credit. The Government is using scarce resources to leverage funding from the private sector to provide credit for businesses across the spectrum of sizes and sectors.”

He also welcomed the “PlusOne” initiative, which is set to provide financial incentive to employers to hire more people who are long-term unemployed.

“The Irish economy is in transition; from the old failed economy based on property, banking and debt to a new, sustainable economy based on exports, enterprise and innovation.”