Export dominance of foreign firms depressing, says Bruton

MINISTER FOR Enterprise Richard Bruton has described as “depressing” the fact that 90 per cent of Ireland’s exports come from foreign-owned companies.

He said, however, that “this is a statistic we can change and it is gratifying that, according to recent figures, Irish-owned businesses are leading the charge and making significant progress.”

Speaking during the Dáil debate on the Government’s Jobs Initiative, Mr Bruton said “last year’s export figures were the best in a decade, with Ireland regaining market share lost during that period. We must build on and support this significant development.”

He said he and his department were looking at ways to help Irish businesses to access new markets.

Minister of State for Public Service Reform Brian Hayes defended the pension levy, pointing out that “the amount of money invested by the taxpayer through tax forgone in pension reliefs was about €3 billion compared to about €450 million in property reliefs”.

The taxpayer “has provided enormous benefits for those who put their money aside, up to a marginal rate of 40 per cent. What the Government is looking for is a figure of 0.6 per cent, in a context in which, on an annualised basis, the management fees for many of these funds run to more than 1.5 per cent.”

Fianna Fáil communications spokesman Éamon Ó Cuív welcomed the VAT reduction to stimulate tourism, but he said the jobs strategy was a “far cry” from what was promised in opposition.

“Where, for example, is the investment bank which was to be funded by €2 billion from the National Pension Reserve Fund and a further €18 billion to be plucked from the air?”

Independent TD Mick Wallace said the roads investment project would cover 800km of routes, but “in Co Wexford alone there are 3,200km of non-national roads”.

Luke “Ming” Flanagan said commercial rates could be cut by “getting rid of 75 per cent of the glorified ribbon-cutters, otherwise known as county councillors”. Directors of services should also be removed from councils, he said. This would reduce rates by 25 per cent.