| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Economy Last Updated: Feb 8, 2011 - 2:58 AM


Irish General Election 2011: Jobs galore on offer or maybe not
By Michael Hennigan, Founder and Editor of Finfacts
Feb 7, 2011 - 5:39 AM

Email this article
 Printer friendly page
Fine Gael leader Enda Kenny, is called over to a car waiting in traffic in Galway City on Saturday, Feb 05, 2011, where he was campaigning for Fine Gael candidates.

Irish General Election 2011: The three main parties in the election are offering the prospects of jobs galore but that is always the easy part.

Politicians in government are good at making grand announcements but less impressive on the  follow-through. While we at Finfacts have said that the starting point of a credible jobs strategy should be an unvarnished assessment of the challenges, that would be too much to expect at election time when inconvenient truths are viewed as toxic!

What can be said, is that sustainable job creation in the domestic and exporting sectors is mainly dependent on economic recovery rather than government action.

Fine Gael frontbenchers Richard Bruton and Leo Varadkar have proposed a few interesting ideas which could help entrepreneurs, such as the feasibility of a single business tax for micro businesses (turnover less than €75k per annum) to replace all existing taxes.

However, the proposed Asia Strategy in the Working for Our Future(pdf) document, shows that Fine Gael shares similar delusions with Fianna Fáil and the Labour Party.

The document says the Asia Strategy 1999-2009 was a success. During this period, Irish goods exports to China increased fourteen-fold from €119m in 1999 to €1.6bn in 2009.

A Fine Gael government will direct the Department of Enterprise, Trade and Innovation to develop a new Asian Strategy for Trade from 2011-2025, with the aim of trebling bi-lateral trade during this period.

On Asian tourism, the document says that there is also huge potential for tourists coming from Asia to Ireland. If only 0.1% of the new Asian middle-class visited Ireland, that would mean 2m visitors a year.

Maybe, but the key issue of Irish-Asian trade is that it is overwhelmingly dominated by multinationals and usually decisions on destination are not made in Ireland.

Besides, total exports to China in 2009 were 2% of Irish exports. 

Fine Gael would invest €7bn from the National Pensions Reserve Fund and the sale of State assets, in water, broadband and energy, lowering business costs and improving competitiveness.

On youth unemployment, 45,000 placements including National Internship Programme places in private and voluntary sectors would be provided and Second Chance Education would be available for former retail & construction workers who did not complete their education. There would also be new opportunities for apprentices.

Over the next four years, Fine Gael’s Growth and Jobs Strategy will add on average 20,000 jobs each year, the party said.

Labour on Sunday proposed the establishment of a Strategic Investment Bank in two phases. During its initial phase Labour's Strategic Investment Bank will act as an investment vehicle to channel funds (approximately €2.8bn) from the National Pension Reserve Fund. It will focus on projects that will enhance infrastructure, boost growth and generate employment in the Irish economy. "It will channel much needed start-up and scale up finance to the SME sector. It will be fully independent and will follow international best practice commercial investment norms," Finance spokesperson Joan Burton said.

In phase two, as market conditions improve Labour's Strategic Investment Bank will develop into a functioning bank, taking deposits and raising long term financing. €2bn of the funds remaining in the National Pensions Reserve Fund will be allocated as capital for the bank and Labour said it believes that it should be an essential component of Ireland's re-structured banking system.

Fine Gael has ruled out establishing a new bank, saying that it had dropped a similar proposal because the State now owns or part-owns most of the Irish banks.

Minister of Finance Brian Lenihan said: "Bank of Ireland and AIB will be in a position to return to their correct role of supporting businesses and consumers in this economy. The State has already given substantial support to these two banks. As a result, we own most of the banking system. What sense does it make for any government to set up yet another State-owned bank to compete with these two banks for funding and customers?”

Last month, Labour announced an enterprise policy that proposes some enhancements to Fianna Fáil's existing policies in this area.

Fianna Fáil will publish its manifesto today and on Sunday,  Fianna Fáil leader Micheál Martin announced an agri-food plan with the objective of increasing the value added in the agri-food, fisheries and wood products sector by €3bn, representing  a 40% increase compared to 2008.

The plan has an export target of €12bn for the sector, representing a 42% increase compared to the 2007-2009 average.

The Finfacts reality check on Jobs: Irish General Election 2011: The challenge of creating 200,000 new jobs and the media as cheerleader

Finfacts article on food, Sept 2009: Ireland: A "smart" economy in food better than pie-in-the-sky aspirations?

Related Articles
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Irish Economy: Bruton says 80,000 jobs added since Q4 2011- 36% are farmers
George Orwell, bullshit and 2015 New Year resolution for Irish Government
Irish Economy 2015: ESRI expects GNP to grow 4.6% before adjustment
OECD provides update on BEPS corporate tax reform project
Irish Economy: ESRI says low income people biggest losers from Budget 2015
Irish Economy: Annual consumer inflation at 0.1%
Irish Economy: Flat growth in Q3 maybe noise?; "Spectacular" recovery continues says Ibec
Irish Economy: GDP flat in third quarter of 2014; GNP up 0.5%
Financial Times: Tax deals raise questions over Ireland’s growth spurt
Irish Economy: ESRI says “two-tier recovery” reflects unaddressed problems in boom years
Irish tax burden in 2013 in GNP terms similar to UK's; Down from 2000
Ireland to EU: 'Give us money for Irish Water'; 'Shut your trap and feck off'
New Irish private car sales up 29% to 91,380 in year to November; 2007 peak at 180,754
Irish Economy: Report says voter-friendly Budget not on horizon for several years
Ireland: Bord Gáis Energy Index plunges to 4-year low; Brent oil dips 18% in November
Irish Economy: Industrial production up 38.5% in 12 months - employment falls!!
Corporate Tax Reform: Ireland on sidelines as big countries make big moves
Irish pension managed funds delivered strong returns in November
Irish Live Register + public scheme numbers in November at 451,000 - 21% of workforce
Irish service sector PMI rises again - usual reality warnings apply
Irish Exchequer deficit at end-November 2014 at €5.8bn
Irish manufacturing PMI rises again in November - boosted by overseas production
Irish Water, legal fees and an enduring Victorian secrecy
Irish Economy 2014: Tourism activities account for half the jobs added since Q1 2011
Irish Economy: Kenny sets up likelihood of Dutch Auction on tax at next general election
Ireland: Superlatives galore - with economy achieving "escape velocity"
Analysis: Irish full-time employee numbers up 14,000 in year; Broad jobless rate at 21%
Irish Economy 2014: Net jobs grew by 27,700 in 12 months to third quarter
Irish Economy: Average hourly total labour costs fell 1.9% in four years to Q3 2014
43% of rise in H1 2014 GDP from manufacturing overseas - Irish Fiscal Council
Irish Pensions: 50% of all 35-45-year-olds have no occupational pension
Key Irish legal services reform parked in Limbo
Irish Economy: Annual price rises dip to 0.2% in October
Irish Economy: Merchandise exports down 3.8% in third quarter
Bruton back in US to reassure investors on Irish tax - can he?
Hidden Taxes Report: Kenny denies Irish special Apple tax deal despite contrary "evidence"
Irish private cars licensed for first time rose 6.7% in October
Irish pension managed funds had mixed performance in October
Irish Jobs: Policy flaws require Bruton's focus not spinning for headlines
Trichet's letter on Irish bailout has no surprises - Update