Minister Michael McGrath speaks at Leinster Society Business Lunch
Sep 23, 2022
Minister for Public Expenditure and Reform, Michael McGrath T.D. was the guest speaker at the Leinster Society business lunch event in Dublin yesterday –the first business lunch of Chairperson Ann-Marie Costello’s term. The Minister spoke of his journey to qualification as a Chartered Accountant, pride in his membership, and how it continues to help him to this day, describing how he still scans everything he reads for numbers first.
In his speech, the Minister discussed how the backdrop to Budget 2023 is complex and challenging: that we have yet to see the full impact of Brexit; the new scenario of war in Europe and the associated humanitarian crisis across the continent; the impact of rising inflation around the globe, and rising energy costs and energy supply concerns.
The Minister stressed the need for prudent management of public finances while creating a cost-of-living budget to address the needs of families and businesses. The economy has benefitted from previous targeted policy decisions and with proper financial management has the resilience to withstand the current challenges. He touched on the tax system and the need to move away from a system of “static” tax bands, and acknowledged the advice and advocacy provided by the Institute’s Advocacy and Voice team led by Dr Brian Keegan in the government’s work on COVID-19 supports, corporation tax and other tax reforms.
The Minister broadly described the plan for Budget 2023: "In the round we will have a really strong package – a set of one off measures which will amount to several billion euro, which will kick in within weeks of Budget day to support households and also to support businesses," he said. "And then we will have quite a strong package for 2023 where we focus on some of the longer-term challenges that we face as a country as well."
In closing, the Minister acknowledged the huge challenges businesses will face with the continuing rise in energy prices, and the work these businesses are doing to stay viable in the face of such unpredictable and growing costs. He committed to the government’s support of these businesses and households to the best of their ability through Budget 2023.
The Leinster Society thanks all the members who joined them for the event at Dublin's Fitzwilliam Hotel.