Economic and fiscal context

Government expects the economy to grow by 4.2% in 2016 and 3.5% in 2017. But the budget has not fully appreciated the scale of the Brexit challenge. The recent sterling weakness was a late shock.

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Personal taxation
Overall changes in personal taxation will be fairly minimal with cuts to the various USC rates being paid for by the non-indexation of the income tax system.
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Brexit and business
On the test of being ‘Brexit proofed’ it is clear the budget fell short. Only around €50 million in new or improved measures aimed specifically at offsetting the impact on business were announced.
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Investment and housing
The prioritisation of capital spending is welcome; 30% of all additional spending is in this area. Government spending on capital is currently at an all-time low, only accounting 1.5% of GDP in 2015.
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Education, childcare and labour market
The increased funding for third level (€35 million) is an important and positive development. This is a sector that has been put under huge pressures in recent years.
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Ibec's economic and taxation team
Supporting your business: The Ibec economic and taxation team of Fergal O'Brien, Gerard Brady and Alison Wrynn.
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This Friday at 8am join us at the Ibec Budget 2017 briefing
This Friday at 8 am Ibec will host the latest Policy+Business briefing on Budget 2017. Join us for an update on Ibec’s response to Budget 2017, what the Government’s proposal means for business and next steps. 
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