Irish Election 2024: What Ireland's political parties are promising for small businesses

As Ireland gears up for its general election on 29 November 2024, small businesses find themselves at the heart of party manifestos. These firms are a cornerstone of the Irish economy, and the political pledges reflect diverse approaches to ensuring their growth and sustainability.

For small business owners, understanding these promises is vital in determining which policies could benefit their operations most.

Here's a summary of what each major political party is proposing for businesses like yours.

Fine Gael: Championing innovation and stability

Fine Gael emphasises bolstering small businesses through innovation, digitalisation and economic stability. Their proposals include the following:

• Taxation and employment costs: Lower employer PRSI for small businesses that hire young workers, and tax relief to reduce operational burdens.

• Hospitality VAT relief: Reduce the VAT rate for food-related hospitality services to 11% – a direct boost for businesses in this sector.

• Digital transformation: Introduce the National Digitalisation Programme, helping small businesses to adopt advanced technologies.

• Regional development: Commit €500 million to the Regional Enterprise Growth Fund to promote balanced growth across Ireland.

• Energy support: Extend the Temporary Business Energy Support Scheme to aid businesses struggling with high energy costs.

Fianna Fáil: Focus on financial support

Fianna Fáil's manifesto proposes comprehensive financial and operational measures for small businesses.

• Direct funding: Launch a €300 million Business Support Fund and a €250 million Seed and Venture Capital Scheme to aid businesses and start-ups.

• Simplified tax system: Expand the R&D tax credit to foster innovation in small enterprises.

• Cost Reduction Forum: Establish a Cost of Business Advisory Forum to address high operational costs and improve competitiveness.

Sinn Féin: Equitable support for growth

Sinn Féin is focused on making it easier for small businesses to grow through lower operational costs and better access to finance:

• Employer PRSI rebates: Offer rebates to make it cheaper for businesses to employ staff.

• Low-cost finance: Provide affordable loans and grants that are tailored to small firms.

• Sectoral growth: Prioritise regional and local industries, with a particular emphasis on tourism and community-based businesses.

The Green Party: Building a sustainable future

The Green Party weaves sustainability into small business support, highlighting environmental responsibility alongside business growth:

• Green incentives: Offer grants for adopting renewable energy and sustainable practices.

• Urban improvements: Enhance urban transport and infrastructure to support small businesses in cities and towns.

• Circular economy: Encourage small business to get involved in recycling initiatives and repair cafés, in an effort to reduce waste.

Labour Party: Advocating fairness for workers and small businesses

The Labour Party balances support for businesses with commitments to workers' rights:

• Living wage: Push for a higher living wage, not only to benefit employees but to help small businesses retain staff.

• Energy efficiency grants: Provide financial support to help small businesses reduce energy costs and run more efficiently.

• Equality in business: Promote accessibility and workplace equality in small business environments.

People Before Profit: Prioritising policies that centre around workers

People Before Profit adopts a worker-first approach, aiming to change the system in a way that has a positive impact on small businesses:

• Four-day working week: Advocate for a gradual transition to a four-day working week without lowering pay, as a way of boosting productivity and worker satisfaction.

• Local co-operatives: Direct state assistance towards co-operatives and small-scale community enterprises.

Social Democrats: Creating a fairer economy

The Social Democrats focus on tackling challenges in the system that affect small businesses and their employees:

• Affordable loans: Advocate for community banking systems, to give small businesses better and easier access to credit.

• Childcare and housing: Address affordability in housing and childcare, indirectly easing pressure on small business owners and employees.

• Inclusive workplaces: Promote workplace diversity and innovation to drive economic growth.

Choosing the right fit for your business

These political promises reflect a wide range of strategies, from financial relief and tax reform to sustainable practices and improved worker conditions. Each party's approach is rooted in their broader vision for the economy.

As issues like energy costs and digital transformation remain pressing challenges, the choices made on election day will shape Ireland's business environment for years to come. By understanding each party's distinct commitments, you can better assess which policies best match your needs and priorities.

This election is more than just politics – it's about the future of Ireland's small businesses. Make your vote count!