Ms Siobhán O'Connor:

I conducted a quick survey in our business yesterday to identify what costs we facing as we move into 2018. I was startled to find that gas charges increased by 15% this year, while our bank charges increased by €500 and the price at the pump to fuel our vans was 4% higher than it was last December. If we implement a 2.5% wage increase, our wage bill will increase by €100,000. The current discussion on public sector pay is influencing expectations in the private sector. Many of our staff do not want to accept a wage increase because the taxation rate is so high and instead want time in lieu. This a problem because introducing a policy of allowing people to take time off the work would immediately create pressure for the company in terms of trying to operate.

I also found that our building rates increased by 2.6% this year, while the cost of our main liability insurance and motor fleet insurance increased by 7% and 4%, respectively. This year, as a result of the general data protection regulation, which many small companies in ISME are struggling to grasp, we had to take out a cyber-insurance policy costing €3,670. I have cited these figures because it is important to get back to basics and recognise the costs of doing business, which is the subject of our discussion. To support Mr. McDonnell's point, we must be a position to see these costs because they are real.