Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

It is difficult in five minutes to give a frank overview of the Bill, but like other Deputies, I will try to adapt one or two important points. I appreciate the Minister of State taking the time to take the Bill through the House.

I welcome the Bill and the budget, which have clearly been crafted to face the two most difficult threats faced by our nation and economy now and possibly in our history, namely, Covid-19, a pandemic the likes of which has not been seen in a century, and the sometimes forgotten or occasionally remembered threat of Brexit. The negotiations are ongoing and we are still unclear on whether there will be a deal. There is no such thing as a good Brexit. Anyone with half an economic sense in his or her body would know that Brexit was a terrible idea, not just for the UK, but also for those around the UK, like us. That is why the €3.4 billion Brexit and Covid recovery fund included in budget 2021 and the specific €100 million allocation for businesses to prepare for Brexit are so important.

Many people are understandably worried about these twin threats. Thankfully, budget 2021 includes no income tax increases. This is very important, as is the increase in the USC thresholds contained in section 2. We should be cognisant that we cannot tax our way out of economic difficulty. Putting additional strains on households through income tax increases would not be appropriate during what is a difficult time for many. Permitting people to retain more of their incomes, thereby allowing them to inject those funds back into the local economy and support small businesses, will help to see our communities and businesses through Brexit and Covid-19. Therefore, I welcome the specific sectoral measures in the budget that will allow our businesses to get through these challenges.

Like Deputy O'Callaghan, I welcome the new CRSS for businesses whose premises are affected by restrictions and that have experienced significant reductions in their turnovers. It is right that the Government has included in the scheme businesses that are still trading at less than 25% of their previous turnovers, allowing restaurants and cafés that have switched to takeaway services to participate. It is good to see that more than 1,000 businesses have already registered with Revenue for the CRSS. I urge businesses, particularly those in my constituency of Dublin Rathdown, that have been impacted by the restrictions to seek out these supports to see them through this difficult time.

I welcome the targeted approach to supporting sectors that the Government has adopted throughout the pandemic, in particular in this budget. I strongly welcome the return of the 9% VAT rate, which is allowed for in section 37 of the Bill. The estimated €401 million cost of the reduction will be vital to many businesses that have been badly impacted by the pandemic, be they restaurants, hairdressers or cinemas. Whether they pass the reduction on to their customers or retain it in-house is up to them. It is understandable if they are not in a position to pass it on, given how important it is that they be able to reopen when the restrictions are lifted.

I welcome the contents of the Bill, which rightly address the many difficult challenges facing our country. The Bill and the budget to which it largely gives effect have been crafted in the most difficult circumstances, unimaginable to many a year ago. As a country, an economy and, most importantly, a people, we face the twin threats of Covid-19 and Brexit as best prepared as possible thanks to this Bill.

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