Niall Collins (Limerick County, Fianna Fail)
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77. To ask the Minister for Finance the impact the recent decision by the United Kingdom to leave the European Union will have on funding allocations in budget 2017 with respect to incentivising domestic entrepreneurship and small and medium-sized enterprise start-ups through taxation measures; and if he will make a statement on the matter. [18991/16]

Michael Noonan (Limerick City, Fine Gael)
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As recognised by the Taoiseach on 27 June, the UK has not for now left the EU. The UK remains a full member until such time as it formally leaves, following the invoking of Article 50 and subsequent negotiations. These negotiations may not begin for some time. In the meantime, it is important that people are aware that until the UK leaves the EU, it remains a full member with its existing rights and obligations. There will be no early change to the free flow of people, goods and services between our islands.

In relation to the available fiscal space for 2017, the position is that the Summer Economic Statement (SES) 2016, set out a macroeconomic assessment of the impact of a UK decision to leave the European Union. It should be noted that the fiscal space of just under €1 billion for 2017, as set out in the SES, is not expected to change significantly.  This is due to the fact that the factors used to calculate the fiscal space are largely finalised at this stage.  My Department's next official forecasts will be in October in the context of the Budget.  These will set out updated estimates of economic growth, the public finances and fiscal space.

In the context of the current ambitious package of reform measures relating to enhanced involvement of the Oireachtas in budget scrutiny, the Government is committed to engaging with the Oireachtas as a partner throughout the budgetary and Finance Bill processes. I look forward to seeing the results of that engagement. However, the Deputy will appreciate that, as has been longstanding practice, any tax measures that may be introduced cannot be expected to be announced before Budget Day.