Cork Chamber Broadly Welcomes Budget 2024, But Highlights Need For Greater Focus On Climate Action Measures

Cork Chamber, the voice of business in Cork, has broadly welcomed the measures contained in Budget 2024.

“Today’s budget will address many of the concerns of business and protect economic development into the future through both the Infrastructure, Climate and Nature Fund and the Future Ireland Fund. However, acceleration of essential carbon reduction measures such as support for retrofitting of commercial buildings and public transport investment delivery are needed to meet Cork’s Mission Cities target,” said Conor Healy, Cork Chamber CEO.

Housing

“Efforts to ease pressures in the housing market are welcome. The number one priority is to increase the supply of housing to allow our city region to facilitate the anticipated growth and the €5 billion package announced today aims to do that and this can only be a positive step towards stimulating the market. However swift action and delivery of these measures is essential to achieve the desired impact.”

Business Supports

“It is positive to see many of the recommendations contained within our pre-Budget submission reflected in today’s Budget announcement. The scheme of business supports worth €250 million will go some way to cushion the effects of increased costs and inflation that businesses have been hit with, but more will be required.

The increase in the R&D tax credit as well as improving the accessibility of the scheme will allow us to compete with other innovation-leading countries. A recent report highlighted our funding deficiencies in this area, and in order to maintain our competitive edge, with changes to the corporate tax rate kicking in in January, we must continually innovate and renew our offering.

It is very encouraging to see entrepreneurial incentives and the expansion of the Employment Investment Incentive scheme being announced today. A new targeted capital gains tax relief for angel investors in innovative start-up SMEs will encourage investment, making Ireland a more attractive location for such investors.”

Cost of Living

“The changes announced to the entry point for higher rate of income tax as well as the USC changes will benefit workers and households, many of whom will also benefit from some of the once off cost-of-living payments. Cork’s profile as an attractive place to live and work is vital to its future and these changes will help to alleviate the cost-of-living challenges.”

Infrastructure, Climate and Nature Fund

“Today’s announcement of the Infrastructure, Climate and Nature Fund is a positive measure to provide for counter cyclical investment should it be required in the years ahead. However, in addition we need greater short-medium term investment to deliver on decarbonisation particularly for both Cork and Dublin who are designated Mission Cities for climate neutrality by 2030. For instance, support for deep retrofitting of commercial buildings as well as the acceleration of investment in public transport projects is required.”

Transport

“As the landscape of the Cork city region continues to change, the infrastructural projects currently in the pipeline including the M20 Cork-Limerick motorway, the M28 Cork-Ringaskiddy motorway, the N25 Carrigtwohill-Midleton route, Cork City Docklands as well as several projects associated with the Cork Metropolitan Area Transport Strategy will be key to realising the potential of the region. The accelerated delivery of these projects is crucial to ensuring a sustainable future.

The extension of public transport fare reductions cuts to those under the age of 25 will help to incentivise the use of public transport over private car journeys.

All of these elements combined will be key to meeting our climate targets and accommodating growth.”

Childcare

“Difficulties in the childcare sector are producing significant barriers for parents in the workplace and impacting on gender parity. It is therefore welcome to see a 25% reduction in childcare costs, however capacity remains an ongoing issue that needs to be addressed”.

Education

“It is positive to see a reduction in third level fees as well the increase in grants in today’s budget. An additional 16,000 places for craft apprenticeships will also be key to securing deepening our talent pool.

Core funding remains a challenge for the third level sector and that funding gap must be addressed. The review of the National Training Fund must be executed in the immediate term at pace”.

Justice

“The increased allocation of up to 1,000 gardaí is a welcome announcement in today’s budget. The continuing population growth requires increased allocation of these new recruits to ensure our city region remains a safe and welcoming place for all.”