Written answers

Tuesday, 8 November 2016

Department of Jobs, Enterprise and Innovation

Brexit Issues

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Social Democrats)
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495. To ask the Minister for Jobs, Enterprise and Innovation the actions that have been taken to address the falling value in sterling in her Department; and if she will make a statement on the matter. [33411/16]

Photo of Mary Mitchell O'ConnorMary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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There is a whole of Government approach in place focusing on Brexit issues, and my Department and I, together with the Agencies under my remit, are to the forefront of this effort.

Any changes in the UK’s relationship with the EU will present both challenges and opportunities for the Irish economy, and I am particularly aware of the challenges for the Irish SMEs, in regard to current Euro/Sterling currency fluctuations.

As Minister, I have responsibility for supporting Irish firms, especially our SMEs, across the whole of the economy. That is why I am making sure that I am in possession of all the detail of how Brexit impacts on each and every sector and company type – be they micro, small, medium, or even larger companies in some instances - before I finalise my proposals or make any announcements about specific measures.

As part of Budget 2017, I secured the largest capital provision made to my Department over the past fifteen years. This extra funding will be used to fund additional measures to support companies impacted by Brexit, as well as new competitive funds for the Regions focused on job creation.

I also secured additional monies, as part of Budget 2017 which will provide for 50+ new posts for the Department and its agencies to respond to Brexit and to work with companies to help them respond to the challenges and opportunities they now face.

In addition, my Officials have also engaged with the European Commission to gain clarification on, and a full understanding of, the scope of EU State Aid rules. The Commission is also aware from our contacts with them that Ireland, above all Member States, stands to be uniquely impacted by Brexit.

In order to build further on the foregoing, my Department is currently scoping out various possible responses to the short term currency challenge and I expect to be in a position to announce more detail, based on actual company needs, shortly. Any new initiative must be tailored, targeted and evidence-based in order for our SMEs to receive the maximum support possible, and in the sectors most needed.

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