While Limerick businessman, Mr Phillip O'Reilly believes Budget 2005 is positive in many respects, he argues that it fails to address a lack of competitiveness in the hi-tech sector that poses a threat to Irish jobs.

"The situation is that there are massive amounts of work leaving this country because of a lack of competitiveness," he says.

"India, Pakistan and Russia are doing very substantial software development work for companies in Ireland and there is nothing in this budget that will impact on that."

However, Mr O'Reilly says that the overall package is very "pro-people". He believes that the tax cuts skewed in favour of lower-paid workers and those on the minimum wage could encourage more workers into the jobs market. "I would say it's a positive budget in many senses," he says.

However, he believes that the 9 per cent increase in public spending to €45 billion will be damaging to the economy and could hit job creation.

"That's going to drive inflation and wage demands that's going to add to the growing problems in creating employment in the first place," he says.