Seanad debates

Thursday, 7 March 2019

An tOrd Gnó - Order of Business

 

10:30 am

Photo of Pádraig Ó CéidighPádraig Ó Céidigh (Independent) | Oireachtas source

Táim ag iarraidh labhairt ar feadh cúpla nóiméad mar gheall ar ghnólachtaí beaga agus meánmhéide - small and medium-sized enterprises, SMEs. The Leas-Chathaoirleach chaired the meeting of the Seanad Public Consultation Committee focused on SMEs. We hope to have a draft report ready for the committee's approval in the coming weeks. I am the rapporteur to the group and much work has been put into the report. We are looking forward to presenting it to the Seanad and, hopefully, the Lower House in time. I will focus on two or three of the main challenges that have arisen. Access to finance is a major issue, while geopolitical uncertainty is another key issue. One would not expect that to affect SMEs but it is a significant factor.

I was invited to Westminster on Tuesday as part of a group of 25 or 30 business people from all over Europe examining the impact Brexit may have. Brexit is not just an issue for Ireland but very much a European issue. During our visit, a Bill concerning Gibraltar was being debates on the floor of the House of Commons. I believe some 95% of the population of Gibraltar voted to remain in the European Union. This is now becoming a hot potato for the British Parliament and Government.

To focus again on Ireland, I note the Minister for Finance, Deputy Donohoe, speaking to the Institute of Taxation just over a week ago, flagged his intention to examine entrepreneurs' relief, which is a fraction of what it is in England. A key factor for us is ensuring that businesses can continue to evolve and there is movement and flow in the ownership of businesses. Owners need to move their businesses on to give new energy and life to their enterprises.

I strongly support the Minister looking favourably at this matter and setting the relief for SMEs in Ireland at a minimum at the same level as those in England to ensure entrepreneurs have access to reliefs and flexibility and people are encouraged to start a business. As the Leader knows, the skill sets required to start a business are totally different from those needed to grow a business. Those are not the same things, as I have learned. I have the scars from that process. A different leadership style is needed in growing and scaling a business. We need to give entrepreneurs who have the vision and creativity to start a business the ability to start bringing in those skill sets and not penalise them when they transfer or sell their businesses. I ask the Leader to consider inviting the Minister for Finance to the House to share with us his view and strategy on entrepreneurs' relief. The sooner that debate takes place, the better as it will give some degree of certainty and clarity to SMEs, particularly in light of the upcoming train crash that appears to be happening with Brexit.

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