Ibec, the organization representing Irish businesses, hosted a Budget Briefing on business priorities for the Western region, bringing together local members and TDs.
During the meeting, Ibec’s Western members highlighted the need to protect the region’s unique quality of life offered by addressing capacity constraints through infrastructural and social investments.
Additionally, Ibec said rising business costs stand among the primary concerns for members in the Region as we approach Budget 2024.
Ibec is urging the Government to support businesses affected by significant new labour market costs, such as the Living Wage and Pensions Autoenrollment.
Helen Leahy, the Head of Regional Policy, said, “”Ahead of Budget 2024, Ibec has been advocating for a significant portion of the growing budget surplus to be allocated towards establishing a new National Infrastructure Fund.”
“This fund’s purpose is to address Ireland’s considerable social, economic, and environmental infrastructure needs committed to be fulfilled in the next decade.”
“Ibec contends that delaying investment in the short term, aimed at preventing overheating, will impede future economic expansion and adversely affect Ireland’s long-term competitiveness.”
“One of the most effective means of stimulating regional economies such as the West is by investing in infrastructure including housing, education, transport, broadband, health and making urban centres vibrant and attractive places to work and live.”
She added that the economy in the west has been built on a “thriving hospitality sector”, as well as becoming a global hub for sectors such as life sciences, and a growing high-tech presence.
“The region is well-positioned for growth with a robust education system producing skilled workers and a renowned research foundation. Â However, complacency must be avoided.”
“We must future-proof our talent pipeline, particularly in digital proficiency, climate action, and Industry 5.0. This is why Ibec urges Budget 2024 to unlock the €1.5 billion surplus from the National Training Fund to help cultivate essential 21st-century skills.”
The Living Wage and Pensions Enrollment stand to increase businesses wage bill by 4.7% by 2026 and 9% by 2030 Ibec contends, which must be acknowledged in the Budget.
