Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

Membership of the EU has granted Irish businesses unhindered access to a market of more than 500 million people. EU membership has also established the State as a focal point for foreign direct investment. The recent European Council meeting comes at a very challenging time for businesses across Europe and Ireland. With increased trade disruption, tariff increases from across the Atlantic on key Irish goods and our nearest neighbour leaving the European Union, Irish businesses are facing multiple threats and need to be safeguarded. The onset of the Covid-19 virus will impact on global trade, and the Department of Finance is set to revise economic output in April.

I welcome that the Council meeting will examine improving support to small and medium enterprises, SMEs. Irish SMEs have few alternatives to banking finance and SME loan rejections and SME interest rates are double the EU average. Agreeing a new seven-year MFF budget for the EU requires all member states to match ambitious policies set out for the new green deal, climate change, innovation and digitisation, and with the financial resources to achieve these. Ireland must build support with other countries to reverse the proposed cuts to CAP, given the centrality of the agrifood sector to the rural economy and its role in generating employment. It is imperative that the next MFF budget supports an ambitious and robust research and innovation programme and the establishment of the European innovation council to lead financial supports for businesses.

The EU should always put the consumer at the heart of its policies. We are all too well aware that insurance costs are excessive and cripple consumers on a daily basis. In helping to tackle costs in Ireland, the EU can play a role in fostering more competition to help drive down costs for customers. Therefore, I urge the powers that be at EU level to push to create an EU-wide insurance market in order to reduce costs for consumers.

I welcome the inclusion of the midlands in the just transition fund. I ask for an accelerated roll-out of this and that consultation with local community groups be ensured.

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