Budget 2024: Cork business group regrets ‘little to nothing’ for SMEs

THE president of the Cork Business Association has said that Budget 2024 has done “little to nothing” for small and medium-sized enterprises (SMEs).

Kevin Herlihy, who also runs a number of Centra stores in Cork, said that rising costs of energy and an increase in the national minimum wage, among other factors, will put additional pressures on SMEs in Cork this winter.

Announcing Budget 2024 yesterday, Minister for Finance Michael McGrath said that as of January 1 next year the national minimum wage will increase €1.40 per hour to €12.70.

“While we as a business group recognise the need for the living wage, we needed support from the Government on employers’ PRSI which we didn’t get,” Mr Herlihy said.

“We got nothing on energy. Our energy costs are still through the roof. We got nothing on an awful lot of stuff so overall I’m pretty disgusted. This budget has little to nothing for the SMEs and also to the indigenous family business in Ireland and the foundation of businesses in Ireland is small businesses, family businesses.

“If you take for example a business that just has one shop, they have [the Government] done absolutely nothing for them.”

He said it is a possibility some businesses may be forced to close their doors in the winter.

“There are a lot of businesses that have been just hanging on since the covid pandemic started in 2020 who have ridden the storm and to be fair, the Government was excellent. I have to compliment them on how they dealt with everything during the covid crisis but, unfortunately, today wasn’t our day.”