Feargal Quinn (Independent) | Oireachtas source

I welcome our guests. I have known Professor Cooney for many years. I am delighted to hear about the efforts he is making. When I finished by studies in commerce in college and went into business, I met the dean of the faculty of commerce from the institution I attended in one of my stores. He asked what I was doing there and I replied that it was one of my shops. He said "Isn't it wonderful that one of my students actually went into business".

The reason I say this is that in the past there was a tradition that one did not go into business. If, like me, one had a third level education, one went on to do something else. The vast majority of those who attended college with me became accountants or teachers. I am enthusiastic about getting the message in respect of this matter across at the earliest possible opportunity. Young people aged between 14 to 17 in the United States expect to go into business. It might only be working in McDonalds or wherever but they expect to look after customers.

In their very readable document, our guests touch on access to finance and refer to crowd funding. I would like to obtain their views on the latter. Last week the committee met some individuals who are involved in crowd funding. Is there something we can do to encourage the involvement of the public - and not just Government - in providing finance? The matter about which we have not learned a great deal about is how we manage to obtain that finance. Retail is probably an area in which people can become involved much more easily than, for example, manufacture or whatever. The State does not appear to do enough to encourage competition in the area of retail. One of the most important lessons we must teach the Government is that sometimes a lower rate of tax actually gives one more money. Any grocer knows that if he reduces his prices, he will attract many more customers. I do not believe the Government understands that the tax rate can be reduced and that the State will bring even more money in. We have a job to do but we are not very good at getting our message across in respect of it.