"The more money the people have in their pockets, the better. Everybody knows there is high taxation here. If money moves from being an income tax to a tax where people are spending money and making a choice about what they are spending it on, that's good for the State, good for the people and brilliant for business.
"On the whole, I think it is the best thing for the Government to give the people the choice on how and where they spend their money."
Ann Maher, chief executive, The Pensions Board
"From the pensions point of view, it is a positive Budget. We welcome the substantial increase in the social welfare pension. The board had recommended social welfare pensions of 34 per cent of average industrial earnings in our special pensions initiative report some years ago and we're now up to 32 per cent, so that's very good progress. We welcome the Minister's confirmation of the continuing 1 per cent requirement of GNP to the National Pensions Reserve Fund."
Fran Rooney, president and chief executive, Baltimore Technologies
"While it's a good Budget from the point of view of social spending, it's badly lacking in vision for growth. It lacks the vision of an economy that's trying to compete globally. I don't think it's a Budget that's focused on growth for the long term. I think there was a total lack of vision in the whole area of science and technology, which I believe is the future of our economy. One of the things that is missing here is an understanding of future education requirements."
Ann Fitzgerald, sec-gen, Irish Assoc of Investment Managers
"We would welcome it broadly, but we are very disappointed in the aspect of savings, which the Minister recognises as an issue, but which he hasn't addressed in his Budget speech. I'm amazed he has not taken on board some of the ideas we proposed, such as a five-year scheme to lock away savings on regular basis, aimed at public servants and people in small companies who don't have access to share option schemes, with a carrot of tax relief. None of that is there."
Pat McCann, chief executive, Jurys Doyle Hotel Group
"Overall, it is a fairly well-balanced Budget. Bringing VAT down by 1 per cent is an anti-inflation measure which we welcome. We also welcome the reduction in the [rate of] employer PRSI and the increases in the tax allowance.
"We would hope it would take some pressure out of the wage problems that we're experiencing across all industries. Obviously, we welcome the reduction of corporation tax to 20 per cent from 24 per cent."