Summer Economic Statement Signals Prudent Long-Term Thinking by Government
Capital Spending Commitments Important for Economic Growth
Chambers Ireland today (12 July 2017)welcomed the announcement by Minister Donohoe in the Summer Economic Statement of increased capital expenditure to meet the needs of a growing economy and society.
Ian Talbot, Chief Executive of Chambers Ireland commenting on the statement said, “The financial figures announced by the Minister of Finance today are as expected. With a limited amount of fiscal space available in Budget 2018 we welcome the Government’s approach to focusing on planning investment in the long-term. Expectations of a balanced budget in 2018, along with the projected healthy growth rates for the economy, means that Government will have more options for balancing prudence with investment and spending in coming years. Commitment to capital spending is key for business and we urge Government to invest in projects that align with the ambition of the evolving spatial strategy, the National Planning Framework.
“As part of our Pre Budget Submission 2018 we called for a review of our taxation system, particularly the entry point to the higher rate of tax, with a multi-annual plan for reform implemented over several budgetary cycles. We welcome the Government’s commitment in the Summer Economic Statement to reforming the tax system to ensure it is growth-friendly and we call for a medium and long-term roadmap for reform to be undertaken.
“This commitment to investment in infrastructure demonstrates again that Ireland is open for business and we look forward to continued economic growth into the future.”