Tanaiste targeting support to retain job numbers
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THE major supports for business in Budget 2010 were aimed at boosting the level of innovation in the economy and helping export oriented firms retain job numbers during the downturn, Tanaiste Mary Coughlan said.
Measures announced yesterday also included employment supports to reduce the number facing long-term unemployment.
Ms Coughlan also said support for research and development was to be streamlined in the areas of science, technology and innovation, with €276m in State supports committed to projects for the coming year.
The Tanaiste said the streamlining of funding for science and technology would ensure "maximum cohesion in the application and delivery of funding as we work to develop the smart economy".
"Continued investment in the development of the smart economy, together with putting the best possible business environment in place and up-skilling our workforce, is the key to creating jobs for the unemployed and for generating the revenue necessary for providing comprehensive public services," she said.
Admitting that the Employment Subsidy Scheme, introduced to support jobs in key exporting sectors "did not do what we wanted", she outlined how a budget of €1.2bn would be used for a variety of job support and training initiatives.
Already this year some €58m has been provided for 140 internationally trading companies through the Enterprise Stabilisation Fund to assist them through current economic difficulties. She said this support would continue in 2010.
"This is targeted expenditure. These are the very companies that Ireland is depending on for the export-led growth that will take us out of this downturn," she said.
Training
An extra €90m would be committed in 2010 to increase the number of training and activation places for the unemployed through her department by 16,300, to a total of 146,300. The major business related initiatives announced yesterday include:
- Retention of the 12.5pc Corporation Tax Rate.
- The three-year exemption from corporate and capital taxes has been extended to new start-ups in 2010.
- The multinational sector will benefit from IDA grants to industry, which will rise by rise 21pc to €85m.
- Indigenous companies will suffer a 7pc drop in Enterprise Ireland grants to €92.9m.
- The firms will also see County Enterprise Development funding drop 1pc to €27.5m.
- Funding for science, technology and innovation programmes will drop by 7pc to €296m.
- Pat Boyle and Laura Noonan
Irish Independent
