Government Achievements Overview
Update: Q2 2015
Government Achievements Overview ReformAchievements
Growth & Sustainability have Returned D / Finance GDP rose by 4.8% in 2014, making us the fastest growing economy in Europe. The deficit was over €22bn in 2010, but it will be reduced to €5bn by the end of 2015. We regained ‘investment-grade’ status with Moody’s / S&P / Fitch. And reduced our cost of borrowing from 15% in July 2011 to 1.6% (10 year bond issue, Oct 2014). Budget 2015 reduced income tax & the USC for the first time in 6 years. Budgets 2012-2014 did not increase income tax & maintained core social welfare rates of jobseeker’s benefit, carer’s allowance, & state pension. Restructured the banks and now received €5.5bn from recent sales of bank shares.
Investment
Reduced the cost of FF’s bailout of Anglo by getting rid of the promissory notes. Primary home mortgage arrears have decreased by 22% since June 2013; after the Personal Insolvency Bill (Dec 12) & Central Bank’s targets for main banks (Mar 13). The Ireland Strategic Investment Fund (ISIF) is evaluating over 100 investment proposals in Ireland and expects to commit between €500m and €1bn in 2015. The European Investment Bank invested €932m in Ireland in 2014, a 37% increase.
ReformmentsAchieve
Employment is Growing D / Jobs, Enterprise & Innovation Over 104,000 jobs have been created since the launch of the Action Plan for Jobs in 2012; and 41,300 jobs in the last 12 months.
The ‘Action Plan for Jobs’ has delivered over 1,000 job creation measures, in 4 years and been commended by the OECD. Developing a Regional Enterprise Strategy with local stakeholders for each region. Established a Low Pay Commission to advise on the National Minimum Wage. 31 Local Enterprise Offices (LEOs) are now supporting 4,000 extra jobs by acting as
Investment
first-stop-shops to support businesses seeking info & support. LEOs combine the resources of Enterprise Ireland, County Enterprise Boards and Local Authorities. Construction 2020 is a cross-government strategy with 75 actions aimed at tripling housing output and creating 60,000 jobs by 2020. Additional €800m available to Irish SMEs through establishment of Strategic Banking Corporation of Ireland (SBCI). 1,300 customers already benefitted through AIB’s fund. ‘Employment and Investment Incentive’ scheme can now be used to raise €5m p.a.
The Public Sector & Politics are being Reformed D / Public Expenditure & Reform Public service numbers have been reduced by 31,000 since we came to office, exceeding the 30,000 promise in our 5 point plan. The Exchequer pay bill has decreased by over €3.7bn from €17.5bn in 2009 to 1