Niall Collins (Limerick County, Fianna Fail) | Oireachtas source

This Bill is yet another example of Sinn Féin’s anti-jobs and anti-business platform, which would scare off foreign direct investment, FDI, and create unnecessary divisiveness across the current balanced industrial relations landscape. Perhaps we should not be surprised because Sinn Féin's anti-jobs platform is consistent considering its proposal to introduce a new rate of 15.75% employer PRSI. An increase in PRSI would make it more difficult for Ireland to compete with other countries for much sought after investment and job opportunities. These are exactly the sort of policies that are counterproductive at a time when we face an oncoming hard Brexit and are trying to attract high skilled, well paid jobs. Initiatives such as this will repel future multinational investment as well as threatening existing jobs. For every ten jobs created through FDI, a further seven are generated in the wider economy. This translates to more than 300,000 people employed directly and indirectly in IDA Ireland supported companies nationwide or one in five private sector workers.

As legislators, we must do all within our remit to sustain existing employment levels and create a regulatory framework to sustain high quality, long lasting jobs with the competitiveness challenges ahead. With a hard Brexit on the horizon, this is a more salient point than ever. Last month, the chief economist at the Department of Finance said that the emerging Brexit scenario could lead to a 33% reduction in exports to the UK and may result in 40,000 Irish job losses. Notwithstanding this, we believe that immediate Government focus needs to be on doing everything possible to safeguard Irish exports and jobs from Brexit. This includes transitional aid measures to the most exposed sectors. Government action in this area has been sorely lacking.

The Bill, if enacted, would have a detrimental effect on retaining the FDI by means of which more than 300,000 people are employed in direct and indirect jobs and affect our ability to attract new companies to invest and grow jobs in Ireland. For the reasons outlined, we will not be supporting the Bill.

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