Written answers

Tuesday, 12 July 2016

Department of Jobs, Enterprise and Innovation

Economic Competitiveness

Photo of Frank O'RourkeFrank O'Rourke (Kildare North, Fianna Fail)
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795. To ask the Minister for Jobs, Enterprise and Innovation the measures the Government and its agencies have in place to ensure the benefits of cheaper imports from the United Kingdom in view of the weaker sterling are passed onto Irish businesses and consumers; and if she will make a statement on the matter. [20694/16]

Photo of Mary Mitchell O'ConnorMary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The trade performance of a small open economy such as Ireland will always be conditional on the ebb and flow of global markets, including fluctuations in exchange rates. It is a matter at firm level for companies to negotiate the purchasing of inputs, including imported inputs, and then to set prices for sale to other firms or consumers.

The present exchange rate volatility highlights the importance of focusing on a wide spectrum of competitiveness policies, in particular policies to enhance competition and productivity. A competitive, sustainable, cost base can help to create a virtuous circle between inflation, wage expectations and productivity. These broad based competitiveness policies negate the need for short term measures and support Irish firms to compete in markets.

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