Enterprise Nation members react to Budget

Enterprise Nation members react to Budget

Posted: Wed 28th Sep 2022

Yesterday the Government delivered a relatively desirable Budget, the needs of small businesses did not go unnoticed.

We asked some of our members to give us their initial reaction to the Budget.

Sarah-Marie Rust, ceo and founder of EVE said,

“It’s an important step in the right direction for start-up support and sustainability efforts. In particular, the Small Firms Investment in Energy Efficiency Scheme and the €12m for Enterprise Ireland’s Climate Transition Fund are encouraging financing measures to facilitate carbon emissions reduction. It is invaluable to finally put focus on carbon reduction technologies and encourage businesses to become more sustainable. However, there has to be a larger (investment and financing) focus on this topic in future budgets.”

“However, I was slightly disappointed to see no dedicated support for female founders allocated within the budget. Women make up just 20% of Ireland’s entrepreneurs and I believe there is still a great need for governmental support to support women in starting their own businesses.”

“On a personal note, I loved to see the zero VAT rate for period products. Such an important step towards fighting period poverty and setting an example across Europe for other legislations to follow.”

Paddy McDermott, owner and director of Baxnmax Ltd, and adviser with Enterprise Nation said,

“My first thoughts are that it's politically correct and it delivers a lot of money into the economy. It also reflects a projection of 7% inflation for next year. I have a feeling that this budget is feeding that trend.”

“Many of the support measures to the people under pressure are welcome news. But many measures are across the board to the whole population, which is easier administratively but possibly inflationary.”

“SME supports are also welcome but more focused on maintenance versus provoking enterprise. Having seen the inflationary trends, I can't but imagine that investment will move from the risky to the conservative end of the spectrum. There is much commentary about this in recent weeks with VCs seemingly less inclined to invest. It will be difficult for people trying to get their companies off the ground and the budget may help them limp along for another while but doesn't encourage entrepreneurial investment.” 

Jane Byrne founder of Studio Dancewear said,

“The 40% rebate on energy costs is welcome, only thing is I hope the energy costs stabilise and don’t rise much more or the 40% will be eaten up very quickly. It would have been more settling to know that the costs will not rise, a bit like the time the diesel/petrol prices had to come down by 20 cents, but went straight back up again or in some cases, went up to go back down.”

“Hoping that the doubling of the Children’s allowance in November will help with people making more purchases, but it is in November so I won’t know if it will help until then.”

You can read Enterprise Nation’s reaction to the Budget and details of the schemes for small businesses here.

You can keep up to date with industry reaction at RTÉ Business here.

Enterprise Nation has helped thousands of people start and grow their businesses. Led by founder, Emma Jones CBE, Enterprise Nation connects you to the resources and expertise to help you succeed.

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