Mary White (Fianna Fail) | Oireachtas source

It is important to put on record that last week I and other colleagues pleaded with the Government not to increase the VAT rate from 9% to 13.5% and I am glad it listened to us. As my colleague, Senator Byrne said, other than that, there is very little in the budget for small and medium sized businesses. Some issues covered in the publication, budget 2014, are farcical, one being the trade finance initiative.

The document states, "Work with the European Investment Bank (EIB) in developing a tailored and customised trade finance initiative to support the growth of the export sector." These are the words of the measly bureaucrats in the Department of Jobs, Enterprise and Innovation. They amount to a cover-up, if I may say so. There is no promise of when this will happen other than a reference to discussions and there is no timeline of delivery. It is just hot air and it means nothing.

I wish to put on the record this morning that I would like the Minister for Jobs, Enterprise and Innovation to let us know why he has reduced the budget for Enterprise Ireland. As a small open economy we are totally exposed to trade with other countries. The only way we can earn any income to support the economy is to grow companies that export, but the budget for Enterprise Ireland is significantly down. The devil is in the detail and one must spend time looking at the figures to see what in reality is happening.

The other issue which we should have a debate in the House is the other cut in Enterprise Ireland. The level of staff is down by 16% since 2009. We are dependent on the entrepreneurial staff in Enterprise Ireland - they are certainly that, indeed they are missionaries. We cannot be totally dependent on foreign direct investment or multinationals. We must develop our own indigenous industries. This trade finance initiative is a farce and it is pathetic. The devil is in the detail and the budget for Enterprise Ireland is significantly down.