Budget 2006 'does little for economic competitiveness'

Minister for Finance Brian Cowen has done little to improve Ireland's global economic competitiveness in his 2006 Budget, according to corporate tax partner at Ernst and Young, David Smyth.

"This Budget relies heavily on continued economic growth to pay for the wide range of spending measures… which will be welcomed by many.

"I see very little though, in Minister Cowen's speec,h aimed at retaining and improving Ireland's competitive position in the global economy in which we all now operate," Mr Smyth said.

"The Taoiseach said last year at the opening of the Fab24 plant at Intel that: 'We must constantly play on our strengths and work on our weaknesses, reposition, compete to win, create value and innovate. For a small country situated on the periphery of Europe and competing in the global marketplace, this is particularly critical.'

"It remains to be seen whether Minister Cowen got the balance right today - I have my doubts," he added.