Mr. James Coghlan:

I would like to pick up on the point made by Mr. McDonnell. We have some members who have, for example, purchased companies in the UK in order that they can move stuff across and match up their costs and revenues. Of course, that is what they will do. They face a serious hedging problem. The main problem is if a company's revenue is down significantly because of currency, either that is replaced or costs are reduced or a combination of both is used. One of the obvious questions is what should be done. On the cost side, the National Competitiveness Council, NCC, produces three key reports every year. In the first instance, we should apply the same rules as the Action Plan for Jobs process, which is that when a report of significance is produced, there should be responsibilities, timelines and actions to implement its recommendations. If currency goes the wrong way by 24%, a business has to reduce costs in the medium run. In the short run, clearly currency and working capital supports have to be provided. The bottom line in the food sector, for example, is if companies are to continue to do business in the UK, their cost base will have to reduced by at least 15%. We have NCC reports talking about that year after year but nothing is done about it. Now is the time we have to do something about this, take it seriously and apply some rigour to the process. There are two issues - the currency and the export credits on the revenue side and the NCC issues on the cost side.

There is a third issue that the committee could consider. It has been a very long time since we have had a Culleton or Telesis report. We need to have a strategic review of Irish industrial policy from top to bottom. IDA Ireland is advocating foreign direct investment, which is great, and Enterprise Ireland is advocating for exporters, which is also great. Enterprise Ireland also looks after the micro-enterprises. The vast majority of employment in this country, however, is not represented by anybody. I am sorry to have to say that but it is the truth. There is no advocate within Government. There is no agency but there should be. I would be saying very strongly that we need to start thinking about those who create most of the jobs in this country and help them to get better and stronger and to start thinking about exporting and other activities. That is another issue.

The term of the Action Plan for Jobs normally finishes at this time of the year. It may be finished already. Perhaps we need to review it and Brexit-proof it. I am not sure whether that has been done. There is a lot of work to do and we need to get ourselves organised very quickly. Quarter 1 of next year is when a lot of stuff will begin to fall off the back of the truck.