Maurice Quinlivan (Limerick City, Sinn Fein) | Oireachtas source

As Sinn Féin’s spokesperson on business, enterprise and innovation, I will focus most of my contribution on this area.

I was very disappointed and underwhelmed by the budget proposals for the Department of Business, Enterprise and Innovation that were announced yesterday, with many old projects just being relaunched. The few new proposals that were announced are unimaginative and disappointing for businesses. I do not believe the Minister, Deputy Humphreys, has taken account of the level of assistance businesses may require from our State agencies next year due to Brexit.

Sinn Féin was able to cost our budget without the €1 billion extra in funding that was kept quiet until two days before the budget, and we were still able to provide far more funding for the key offices and agencies under the remit of the Department of Business, Enterprise and Innovation. For example, we provided €27 million extra in funding for Enterprise Ireland to help Irish small and medium-sized enterprises, SMEs, and exporters in the year of Brexit, but the Government allocated only €3 million for this key jobs agency. This agency’s services will be in high demand next year due to Brexit, and the Minister has completely underestimated the State support that will be required for businesses during the Brexit transition. In addition, we allocated €2 million extra for InterTradelreland to help cross-Border traders, 50% more than was announced yesterday.

As would be expected with Fine Gael, white-collar crime got allocated just one sentence in the 241 page budget document. Despite the investigation and prosecution of white-collar crime in Ireland being practically non-existent, just €1 million extra was allocated for the Office of the Director of Corporate Enforcement. That is completely inadequate and will do little to deter white-collar criminals.

I am puzzled by the new €300 million future growth loan scheme that was announced. The current €300 million Brexit loan scheme that was launched in the previous budget has been a complete flop. Just ten SMEs have accessed funding through the Brexit loan scheme to date, accessing funding of just €2.49 million, less than 1% of the total €300 million pot. Why announce a brand new scheme when the current one is not functioning and businesses clearly cannot access it? Will the Minister address the shortcomings in the current scheme, or does she just hope this new rebranded and renamed one will take the bad look off the other one?

The Government’s failure to introduce radical new housing measures will also continue to severely affect businesses. IBEC has stated that, “Ireland’s housing market is clearly not functioning at present,” and that: “Ireland’s housing problems have now clearly moved beyond being the social issue of our time and have also become a major risk to our future economic prosperity.”

The level of investment in apprenticeships was also completely inadequate. Just 1,200 extra apprenticeships were promised for 2019. This is dwarfed in comparison with Sinn Féin’s proposal of 4,411 extra places and ten new courses for 2019. It is clear Fine Gael has not grasped the serious skills shortage that is developing in our economy nor has it factored in the number of workers who will be needed to deliver our capital commitments. We need a radical investment in this method of training and education, as much to give young people choice in third level as to provide workers for growing and emerging sectors in our economy.

Documents obtained by my colleague, Deputy Jonathan O’Brien, through freedom of information revealed that the €500 million rainy day fund is designed to protect banks, not the economy. The briefing notes make clear that the rainy day fund will not be used in response to Brexit, nor can it be used for general spending in health, education or public services, but it could be used to bail out banks or financial institutions. Hiding away €500 million of taxpayers’ money for banks is shameful and it is already raining for many of my constituents when they must try to access housing services or the health service.

It was disappointing to see the lack of ambition or imagination that went into proposals for the business, enterprise and innovation portfolio. In contrast, Sinn Féin proposed a new scheme that would help rural public houses, provide funding to develop and grow our co-operative sector to reduce our reliance on the multinational sector, and mean joining CERN, the international scientific and research organisation. We also allocated €250,000 to a fund for a report to examine the economic benefits and challenges a united Ireland would bring. With a Border poll now firmly on the agenda, we need detailed research for this debate. Unfortunately, the Minister has no interest in this and has refused twice to commission such a report. Unfortunately, no such new ideas were announced by the Government yesterday, with many old announcements repackaged, rehashed and rolled out again.

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