The Finance Minister said on May 20th that; ‘Tax receipts will recover, people will return to work and public expenditure will return to more ordinary levels.’
These assumptions are predicated almost entirely on the vast majority of the SME base remaining viable. If workable, adequate liquidity solutions are not put in place in the next days or fortnight, such assumptions will prove dangerously optimistic.
ISME feels it is now appropriate to suggest to the Finance Minister that he should expand the pool of advice available to him in the Department of Public Expenditure and Reform. The broad consensus among the economics community, the trade associations (including those the Minister talks to in the Labour Employer Economic Forum) and the EU Commission is that our enterprise supports are skewed towards mid-cap and PLC enterprises. ISME believes this must change immediately.