it@cork comments on Budget 2020
As anticipated the 2020 budget was top, tailed and packaged with the overhang of Brexit and there was simply no getting away from the fact that we are very much impeded from making any real fiscal and economic moves until we get some sense of certainty on the UK’s departure from the EU.
In light of these constraints I think there have been moves where possible to stimulate our start-up and SME industries – of which tech plays a huge part.
The €10 million in funds for disruptive technologies will make a total of €30 million available for cofounded enterprise and research projects and this will be absolutely integral to activity in tech and other sectors over the next 12 months. In other good news, an increase in the Skillnet Ireland allocation of 28% represents funding by Government to Skillnet Ireland of €35.9M for 2020 (an €8M increase on 2019), which means more funds available to it@cork skillnet and other skillnets to further support Irish businesses though in-employment upskilling.
It’s regrettable that there was no change to the entrepreneurial relief available though encouraging that the Minister did say it is and will remain under review. Whatever the future holds, we need new business and new blood in all industries and Government spending needs to reflect the importance of this.
From a tech industry perspective a notable positive from today include the extension of the special assignee relief programme which allows multinationals relocate individuals from abroad to Ireland.
it@cork is a leading not-for-profit independent business organisation, representing the interests of the IT industry in Ireland. It is a unique blend of indigenous and international IT professionals, executives, multinationals, government leaders, public sector, academia, entrepreneurs, investors, and the legal and financial professional services community, who have joined together to drive thought leadership, collaboration and global strategic alliances.
It currently represents over +220 member companies with over 30,000 employees in the south west region of Ireland.