Our economy has become very dependent on large multinationals, and the primary reason they chose Ireland is for our low corporation tax rate. Recently our Government has signed an agreement with the OECD to implement a global minimum tax rate – which at the moment is 15% but could be increased in the future. This would eliminate our competitive advantage and we risk these companies moving to other countries where labour and perational costs are far lower.
In this country, we tend to punish the innovative and creative who take the risk of setting up small businesses. Farmers, sole traders, and small businesses have struggled to get the cash they need to expand or stay afloat. Our banks do not provide them with cash – going against one of their primary roles in a healthy economy. Since 2008 they have been stockpiling our cash and charging us for the benefit of doing so. As interest rates went up, they lodged our cash at the ECB and have made billions in interest payments from our money!
We are a sovereign nation and as such we will not allow unelected international organisations to dictate to us our tax rates and jeopardise our economic standing.
We will withdraw from the OECD agreement and make it clear to multinationals based here that there will be no increase in the corporation tax rate.
We will also work to encourage and support more small and medium-sized businesses to reduce our reliance on such multinationals and have a more diverse range and size of businesses operating here.
We want to invigorate our high streets in towns across the country and will be providing grants and incentives for the brave, creative, and innovative who choose to set up a business.
We will ensure the banks are not hoarding our cash and are forced to lend to small businesses to help drive the economy.
We’ll also ensure they pay out appropriate interest to savers. We will encourage more banks and mortgage providers into the country to increase competition and provide better choice and value to customers.