Budget 2024 & Ibec Budget webinar
Following the announcement of Budget 2024 earlier today, Ibec has developed a summary of what it means for business;
- Ibec welcomes the establishment of the National Infrastructure, Climate and Nature Fund. The success of this ambition will be measured by the effectiveness of the fund’s implementation.
- The most pressing challenge for businesses is the rising costs. Considering inflation and labour demand it appears that we are in or approaching the peak of the economic cycle. Ibec believes it is essential that we remain as cost competitive as possible. While today's budget takes significant steps in providing appropriate support, ongoing labour challenges and cost issues will continue to be obstacles in the years ahead.
- Ibec therefore welcomes the introduction of the business support package. This support is critical to helping businesses navigate significant labour cost increases imposed by Government and we await the specific details.
- Ibec is disappointed that the National Training Fund (NTF) could not be unlocked in this Budget. We welcome the intention set out to find ways, including possible legislative changes to unlock the fund. Businesses will continue to work closely with the Government to find a practical and pragmatic solution to unlock the €1.5 billion surplus in the NTF to ensure that education and training remain essential components of Irish competitiveness and deliver key skills for the 21st century.
More detail is available in our Budget 2024 briefing available here.
Our economists Ger Brady and Hazel Ahern Flynn engaged in a member webinar this evening. The recording along with other Budget 2024 resources will be made available at ibec.ie/Budget2024.