Economy

Since the publication of the Draghi and Letta reports in 2024, the EU Commission has committed itself to regulatory simplification and reducing red tape for business. The EU Commission has launched and intends to launch a series of Omnibus proposals in areas such as sustainability reporting and due diligence, tax and the newly proposed ‘EU Inc.’ (formerly, the 28^th Regime’).

Ireland holds the Presidency of the EU Council from July 2026, which presents a unique opportunity for Ireland to champion competitiveness and regulatory simplification at European level.

Actions taken:

• We published an easy-to-understand factsheet on EU Inc.
• We responded to the announcement of new EU Inc. proposal from Commissioner Michael McGrath
• We outlined our position in support of regulatory simplification in the EU in an Op Ed in the Irish Independent 
• Our submission to the Department of Foreign Affairs and Trade on Ireland’s upcoming Presidency of the EU Council outlined ways in which Ireland can support the EU simplification and competitiveness agenda by progressing files like the 28^th Regime (EU Inc.) and the Savings and Investment Union.

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Northern Ireland’s economy is ideally placed for further economic growth, with its dual access to Great Britain and the EU. With a reduced corporation tax rate, Northern Ireland can attract investment, create well paid secure jobs and foster innovation and entrepreneurship.

Actions taken:

• In April, a delegation from the Institute met with Minister for Finance, John O’Dowd MLA to discuss barriers to the all-island labour market resulting from the substantial tax complexity facing frontier and cross-border workers.
• In our submission in March on the Northern Ireland Budget we called for a reduced corporate tax rate, better supports for entrepreneurs, a solution to income tax issues arising from cross border work, and investment in childcare
• In February we met with Northern Ireland business bodies to discuss the reduced corporation tax rate
• In January we met with Northern Ireland Assembly Finance and Economy Committees on proposals to reduce corporation tax rate in Northern Ireland

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Infrastructure delivery is one of the key ways to unlock economic growth and improve our competitiveness. Ireland is experiencing capacity constraints, and we need further investment in water infrastructure, housing, transport and in the national grid. The Government’s Accelerating Infrastructure Taskforce is attempting to remove blockages and improve infrastructure delivery, but delays persist in delivering major projects under the current process.

Actions taken:

• We responded to the publication of the Critical Infrastructure Bill, having kept members up to date on the general scheme of the Bill and establishment of the Regulatory Simplification Unit
• Our members roundtable to discuss infrastructure and the revised National Development Plan highlighted the Institute’s advocacy for members as the country faces significant delivery challenges
• We responded to the publication of the revised National Development Plan

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