Micheál Martin (Cork South Central, Fianna Fail)

As a backdrop to this, it is worth pointing out that the World Bank's report, Doing Business 2008, ranked Ireland eighth out of 178 in terms of ease of starting and running a business. Only the UK and Denmark are ahead of us in the EU.

That said, we acknowledge a clear need to reduce regulation on business and I have already outlined some of the steps we have taken on this, such as the audit exemption threshold. In response to the business regulation forum, we have in essence established a high-level group chaired by the Secretary General of my Department, which will concentrate on several areas. These include taxation and statistical reporting, as companies are complaining that they have too many forms to complete to fulfil a range of requirements. There are also environmental and health and safety regulations, as well as company and employment law.

One of the most effective ways to do this is through modernising legislation, which we did with the health and safety area. Company law is the next big area. Modernising legislation would demand a significant collective exercise by this Oireachtas because it is so large, but in itself it will simplify very significantly the regulatory process for starting and incorporating a new business. We are taking that approach and I want quick hits on the issue. I wish to achieve and if anybody in the Opposition has any suggestions for quick hits in regulation, I will not be slow to adopt them and to work with people.

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