Fianna Fáil Senator Erin McGreehan has called for a Commission on the Cost of Doing Business to be established, in tandem with further supporting businesses and protecting workers.
Senator McGreehan, who has been meeting and engaging with Louth businesses in recent months extensively on this topic, said small businesses are facing a difficult climate due to the escalating costs of doing businesses and that there are immediate issues that need to be addressed.
Senator McGreehan said: “Small businesses are the backbone of our economy. They drive innovation, provide employment opportunities and enrich local communities.
“However, many small businesses are currently struggling to cope with the difficult environment in which they are doing business, in the context of rising costs relating to labour, rent, utilities and insurance. This is absolutely clear from my engagements with the business community over recent months.
“Without adequate support, these small businesses risk closure, leading to job losses as well as significant impacts on the overall economic landscape.
“I recognise the critical role small businesses play and I know that the Government continues to examine taking proactive measures to help them navigate these challenging times. These measures may include providing financial assistance or tax incentives. By continuing to engage with the various stakeholders these issues can be ironed out.
“In light of the myriad challenges faced by businesses in today’s economic landscape it has become increasingly evident that a comprehensive approach is needed to address the rising costs associated with operating a business. From regulatory requirements to taxes and fees, the state exerts significant control over factors that directly impact the cost of doing business.
“To strike a balance between protecting workers and supporting business growth, there is a critical need for the establishment of a dedicated Commission focused on evaluating and mitigating the burdensome costs faced by businesses. By creating a Commission on the Cost of Doing Business, the Government can facilitate a platform for collaboration and dialogue that aims to streamline processes, identify inefficiencies and ultimately reduce costs for businesses of all sizes.
“I have written to the Minister of Finance on this and I hope that he looks positively towards my proposal. I will also continue to engage with colleagues on this issue.”
