John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Yes, this is what the delegates are saying. Exports to the UK would be down by one third and they would be down generally by 4%. This is all in regard to Brexit and it is before one factors in what Mr. Trump might say to us tomorrow. The Small Firms Association is saying 41% of its members have said they have already experienced a negative impact from Brexit. Sixty-eight percent say they expect an immediate negative impact over the next few months. The only way that can be minimised is for the Department to set out its general strategies to give some sort of comfort regarding the figures the Department has given.

On the tariffs issue, Mr. Moran has just scared the daylights out of small firms and businesspeople with the information he has added. Their livelihoods rely on this.

Alongside the stark reality of Brexit, there is a further stark reality to be faced in terms of taxation. That has to do with Mr. Trump. Then there is the threat associated with Prime Minister May saying the UK will be competitive with its corporation tax regime. What financial supports has the Department put through its model in terms of supporting exporters and small firms of one kind or another that are totally exposed because of Brexit? What taxation model has Mr. Moran put in place on foot of the competition now emerging within the European Union on corporation tax? Will we go down to 10%? Will we adjust rapidly to meet the challenges from the markets and political policy in other jurisdictions?

I am shocked that there are only three or four relevant people in the Department of Finance, which is a key Department in this regard. It is a Department that will outline the taxation strategy for the future. I have not heard a word about it. Quite frankly, two sentences in Mr. Moran's opening remarks do not cut it for me. It is not personal. I would have expected the Department, in light of all that has been said about Brexit and President-elect Trump and all that was said by the UK Prime Minister, to have produced a far more substantial response to what is now happening. We do not seem to be prepared. That is a concern of mine and one that seems to be expressed by the Small Firms Association. I have heard it from exporters also. They want to see real measures put in place to give comfort to those in business who simply cannot wait. They cannot wait; they will be affected overnight.