Budget 2021 - Preparing Businesses and Protecting Jobs
From Department of Enterprise, Trade and Employment
Published on
Last updated on
From Department of Enterprise, Trade and Employment
Published on
Last updated on
Budget 2021 prioritises investment in helping businesses respond to the twin crises of Brexit and COVID-19.
The funding provided for comes on top of the measures announced earlier this year in the July Stimulus – a €7 billion package, aimed at protecting jobs and creating new opportunities.
The Tánaiste said:
"This is a pro-business and pro-jobs Budget aimed at building on what we put in place in the July Stimulus, to help business owners and employees through this exceptionally difficult time.
"Our efforts are focused on helping businesses prepare. Prepare for the unpredictability wrought on them by COVID-19 and Brexit. This Budget contains some targeted actions to help business where they are hurting most. The 9% VAT rate will help hotels, pubs, restaurants and other businesses in the entertainment, tourism and hospitality sectors. The extension of the commercial rates holiday will help reduce the fixed cost of doing business. The new CRSS programme will provide closed or effectively closed business a payment based on their turnover up to €5,000 per week. This will make a really big difference and will be paid in addition to the Employment Wage Subsidy Scheme (EWSS).
"The €3.4 billion Recovery Fund will give us the firepower we need to protect jobs. Increasing spending on infrastructure to €10 billion in 2021 will ensure there is work for the construction sector.
"No one could have predicted the year that we have just had, and I want businesses and workers to know that as we face into more uncertain times, the government is here for you and on your side."
Minister of State for Business, Employment and Retail, Damien English TD said:
"I welcome the additional current funding secured for the department’s regulatory agencies, in particular the Health & Safety Authority, which has been and continues to be to the forefront of the COVID-19 response and will clearly continue to play a critical role for the rest of the year and into 2021 in helping businesses to manage their response to COVID-19. The additional €4 million secured for it in the Budget will ensure that it has the resources it needs to enable it to continue its work in supporting business to comply with workplace health and safety obligations. The additional funding will also help our agencies to assist businesses to plan for a changed regulatory landscape post-Brexit."
Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD said:
"I very much welcome the creation in the Budget of a dedicated Recovery Fund to deal with the effects of COVID-19 and Brexit. As Minister of State for Trade Promotion, I fully recognise the challenge that the global pandemic and a No Deal Brexit pose for us as a trading nation. 2021 is the year where we can get back to promoting Ireland and drive and diversify our export footprint into more international markets. The €100 million earmarked for our department in the Fund will ensure that our enterprise agencies can continue to deliver the supports that have been so successful in driving the growth in our export sales in recent years."
Overall, the Department of Enterprise, Trade and Employment’s budget has increased by €154 million or 15.9% on Budget 2020 with an in additional €100 million earmarked from the Recovery Fund. This is a record allocation for the department and will significantly bolster the department’s and agencies’ supports and efforts as they ramp up their COVID-19 and Brexit response.
ENDS
There is an existing package in place to help businesses nationally reopen and stay open, through the July Jobs Stimulus.
The government is: