Ms Jean McCabe:

Given the increases we will face with pension auto-enrolment and increasing wage costs, we need a grant system like the one introduced for the increased cost of business and the one that saw the introduction of the power-up grant in 2024. I am talking about a quick injection of cash into small businesses to keep them viable. In the longer term, we have to consider the fundamental core cost of doing business. If Government policy is to move towards a living wage, which is admirable as we do not want to deny anyone a decent standard of living, we must not keep loading on costs without balancing them elsewhere. That balance might look like a reduction in VAT or a reduction in PRSI, the two biggest tools the Government has to help to offset the costs.

In the intermediate term, we need to revisit the methodology of how we calculate the living wage here in Ireland, because we are not like the rest of Europe. That methodology does not apply here in the same way. If we do not revisit the methodology and the economy continues as it is with the growth in ICT we have been seeing, we will be back in the same situation again in two or three years' time. We need to examine the methodology and find one that suits the fabric of our economy, that truly reflects it and that is fair.

On regulation, which I covered earlier, we need a common-sense approach. It is not rocket science. It is a case of asking whether the regulation adds value and whether it is essential. Let us remove the regulatory cost burden on businesses by 25% by finding the 25% of the regulatory burden that could be toned down or condensed. Those would be the three asks to help to support the sector.