Dr. Dermot Coates:

The Deputy referred to cost pressures, particularly in hospitality, and the extent to which firms are closing, something that is open to ongoing speculation. It is worth bearing in mind that, if we look at the data for the first five months of this year, we have seen 155 hospitality firms closed down, either by way of liquidation or voluntary wind-up. However, at the same time, 630 hospitality firms were established. If we stretch that out to the end of August, a total of 1,000 hospitality firms have been established in the first eight months of the year. There is an ongoing underlying churn, and that has been a function of the data over decades.

I note as well that when we talk about some of the pressures firms come under, whether it is in hospitality or retail, it is not simply a function of input costs and broader inflation but also changing patterns of consumer behaviour and the rise of the online economy particularly impacting on retail. There is a broader picture we need to try keep in balance while making sure that, where supports are provided, they are provided for firms that are ultimately viable.