Irish businesses report increased pressure due to rising costs

Spiralling wage costs and insurance premiums are putting pressure on business owners, according to a new survey.

The study finds three-quarters of Irish firms say costs have risen over the last 12 months with two-thirds saying they are now higher than they were before the recession.

The survey of 250 businesses, which was carried out by Amárach Research on behalf of Vision-net, finds 79 per cent of companies have seen increased wage costs with 74 per cent also reporting a rise in commercial insurance premiums.

Most companies said they have absorbed rising costs themselves to date but many are unsure whether they can continue to do so given that they expect further rises over the next 12 months.

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Just over half of businesses surveyed claimed that increased costs are diverting funds away from company growth and investment initiatives, including in technology and employee benefit schemes.

Against this backdrop, Brexit is seen to be low on businesses’ priority list, with just 37 per cent saying they expect it to lead to further increases in costs.