Enda Kenny (Mayo, Fine Gael) | Oireachtas source

This is probably the greatest economic challenge facing not just Ireland but the EU in the last 50 years. The decision made by the electorate in the UK has brought about a situation of confusion, lack of certainty, great concern, anxiety and currency fluctuation that is impacting on business here and elsewhere. Our priorities are to look after the interests of our citizens, look after the interests of Ireland's economy, look after the relationship we have with both Northern Ireland and the UK, including the peace process, and look after our place in Europe for the future. Clearly, the decision has been followed by quite a number of comments from those who are dealing on behalf of the British Government on the question of Brexit and the situation that has changed from day to day. I note that this morning the Prime Minister indicated that there will be an opportunity to discuss the matter in the House of Commons and obviously statements made abroad have been changed, let me put it that way.

For us here, the immediate concern is the consequence of the devaluation of sterling against the euro and the difficulties that is causing for Irish businesses in terms of exports due to rising costs. This budget has included a number of issues that refer to Brexit. Obviously, there are new resources for the enterprise agencies. There are 50 new people to join Enterprise Ireland. I was in the RDS just last week with 140 of the people from abroad who have come back to talk about their potential sales for new markets and diversification into places like the United States, Canada or other areas in the EU.

The Minister for Agriculture, Food and the Marine, Deputy Creed, is rolling out a €150 million low-interest loan for farmers with cash flow and new business supports to help them. Quite a significant extent of our exports into Britain are from the agri-sector. There is an agrifood package of tax measures and we have maintained the strong support evident here in Ireland for the hospitality sector since the VAT rate was reduced from 13.5% to 9%. We have also included the extension of the reduction on capital gains tax for entrepreneurs. Most of those are small business in Ireland with very little profit margins. They are mostly outside the Dublin region. That scheme has been extended, as has the foreign earnings deduction for businesses in which people have to travel abroad in the context of their work to look for new markets. There is also an extension to the special assignee situation that applies to companies bringing in experts with particular skills. The-----

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