Micheál Martin (Cork South Central, Fianna Fail)

The seed capital scheme and the business expansion scheme were radically reformed in last year's budget. The bureaucracy of VAT returns improved dramatically for small business, the management development council was established and €175 million of venture capital has been contributed by the State through Enterprise Ireland, which will leverage €1 billion in private sector venture capital for new starting enterprise. I remind Deputy Clune that the global entrepreneurial monitor has placed Ireland second for start-up companies in the EU 25. That is the record on small business in this country. There has been a dramatic mindset, motivated by Government encouragement of entrepreneurial activity and a tax system that is light on labour and facilitates investment decisions.

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