The withdrawal of support for the sectors worst affected by the pandemic and Brexit will need to be balanced with investment in digitalisation and innovation to boost economic competitiveness, as well as the introduction of offsetting measures to cover the increased cost of trade.
- Radically improve the tax treatment of SMEs including significant improvements to investment supports such as capital gains tax entrepreneurs’ relief.
- Scale public investment in research and innovation by €112 million, or 20%, per annum every year to 2025.
- Stand ready to use the Government’s €2.8 billion contingency reserve in the case that additional support is needed for sectors worst impacted by Covid.
- Use €540 million of the €1 billion Brexit Adjustment reserve to help Brexit impacted firms innovate, find new markets, and improve their competitiveness through direct grant support and an export credit insurance scheme.