Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

This is a fair and balanced budget for a modern Ireland and I am delighted to introduce my Department's budget for 2019.

I have secured an increase in my Department’s total Exchequer allocation by 9.1% year-on-year from €871 million to €950.2 million. This comprises a record €620 million in capital funding and €330.2 million in current funding, which includes an increase of €65 million in capital funding and an increase of €14.2 million in current funding. I had three key priority areas: Brexit, regional development and innovation, each important in their own right but also fundamentally connected.

I was determined to deliver a budget with Brexit at its core, building on the many measures we have introduced, and mindful of the evolving needs of business. I am delighted to announce a longer-term loan scheme worth up to €300 million, which will support capital investment by businesses to get them ready for the post-Brexit environment. The future growth loan scheme will be jointly funded by my Department and the Department of Agriculture, Food and the Marine. The scheme requires legislation, which I hope to pass before the end of the year.

I have allocated an additional €1 million in capital funding to InterTrade Ireland, an increase of 17.5%, to support businesses on both sides of the Border. I am also allocating an additional €8 million to agencies and offices of my Department to enhance our global footprint. It includes additional current funding of €3 million for Enterprise Ireland and €2 million for IDA Ireland. As Brexit will have implications for our regulatory system for business, I am also allocating additional funding to a number of regulatory offices and agencies of my Department.

Regional development has never been more important with Brexit on the horizon. I am announcing an additional €5 million capital funding to enhance the programme of supports of our 31 local enterprise offices, LEOs, up 22% on 2018, to a record €27.5 million in 2019. This will include a new customs training programme for all business, exporters and importers, to be rolled out in partnership with Enterprise Ireland.

IDA Ireland’s regional property programme is critical to encouraging more foreign direct investment into the regions. I have allocated €10 million to the next phase of IDA Ireland’s regional property programme. The funding will be used to start building advanced facilities in Dundalk, Monaghan, Sligo and Athlone as well as Waterford, Limerick and Galway, in line with Project Ireland 2040 and additional need identified by IDA Ireland.

I am also announcing an additional capital allocation of €2.75 million to Enterprise Ireland to start developing regional innovation and technology clusters with institutes of technology right throughout the country. I have secured funding of €175 million for a new phase of Enterprise Ireland’s seed and venture capital scheme out to 2024 and I am doubling funding for the online retail pilot scheme to €1.25 million in 2019. I will also provide €1.8 million in additional funding over the next three years for design and craft makers to drive exports in the sector.

Moving to innovation, which is equally important in the context of Brexit as it makes businesses more resilient, my focus is on continuing the drive towards positioning Ireland as a global innovation leader. Our capital allocation for innovation programmes in 2019 will increase to almost €370 million, a 12.7% increase on 2018. A major capital investment next year of €20 million will be to support the roll-out of phase one of the disruptive technologies innovation fund. Funding allocated in 2019 will ensure that successful applicants can begin to deliver projects that will help us all to better prepare for our future. I am allocating an additional €10 million for a new dedicated programme for PhDs and research masters through Science Foundation Ireland, together with €6 million to boost existing research programmes. Furthermore, I have allocated €1 million to the Tyndall National Institute in Cork, Ireland's leading research centre in integrated ICT hardware and systems. I have put an extra €2.75 million aside for Ireland's membership of the European Southern Observatory together with €0.5 million towards our membership of the European Space Agency.

Finally, I have allocated additional funding to the Office of the Director of Corporate Enforcement to support its establishment as a statutory agency. I am also increasing funding to the Workplace Relations Commission to provide for the extension of its remit in 2019 to cover An Garda Síochána and the Civil Service.

My Department is currently developing a new cross-Government strategy for the next phase of Ireland’s economic development, the future jobs initiative, together with the Department of the Taoiseach. The programme, which focuses on quality jobs, improving productivity and building resilience in our changing world, was at the foremost of my mind when allocating funding within my Department for 2019.

In prioritising three key areas of Brexit, regional growth and innovation, I am confident that our business community will be best placed to meet both the challenges and opportunities ahead.

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