Minister Ged Nash KEEPING IN TOUCH WITH BUSINESS Spring/Summer 2015 We have had seven difficult years but we can now look forward with confidence to a brighter future. After a period of national bankruptcy and mismanagement our economy is surging ahead and we now have the fastest-growing economy in Europe. Budget 2015 saw the first income tax cuts for working people in many years. The numbers out of work in Louth have fallen by over 20% in the past three years. Nationally unemployment is down to 10% and it will be reduced to single figures in the next few weeks. As the economy continues to expand I will make sure that small business owners get the opportunity to take home their hard earned income. I am working hard as Minister for Business and Employment to deliver a recovery that supports enterprise and that rewards work.
REVITALISING RETAILING AND OUR TOWN CENTRES Revitalising retailing and our town centres is important to me which is why I hosted the recent meeting of the Retail Consultation Forum in Drogheda. The Forum, which I chair, brings the retail industry and Government together, to identify practical measures that can be taken to support the retail sector and grow and maintain jobs. Drogheda has some great examples of initiatives taken to support businesses during the recession. It was the first town to adopt the ‘Local Heroes’ project championed by Senator Fergal Quinn in 2011 to encourage towns to work together to overcome the difficulties caused by the economic downturn. At the event, attended by members of the Retail Consultation Forum, Chamber of Commerce and Louth County Council, local retailers shared their experiences of supporting businesses through the recession and looked at how to maximise opportunities as consumer confidence begins to grow again. There are valuable lessons to be learned which I as Minister for Business and Employment believe we can now apply to the retail sector in a growing economy, rather than one which is in the depths of a crisis. The recovery in the retail sector is modest but it is definitely going in the right direction and the Forum was an ideal opportunity to examine how businesses, communities and local and national Government can make a difference by supporting our local shops and retailers.
HELPING TO GET BUSINESSES PAID ON TIME Late payments are a problem as many local businesses know to their cost, which is why I have launched a new online portal to encourage businesses to pay their suppliers on time. The Prompt Payment Code of Conduct aims to improve our payment culture and promote best practices between businesses and suppliers. Getting paid on time can sometimes make the difference between a company surviving, or going under due to cash flow problems. So I am asking businesses across the country to sign up online at www.promptpayment.ie Businesses who sign up to the code undertake to: ■ Pay their suppliers on time, within the terms of contract and in accordance with legislation. ■ Give clear guidance to their suppliers on payment procedures ■ And encourage good practice by promoting the prompt payment code and its adoption through their supply chains. The code has been developed by my Department, the Irish Institute of Credit Management and business bodies including IBEC, ISME, SFA and Chambers Ireland, with support from the Banking and Payment Federation of Ireland. As well as demonstrating a real commitment to responsible practices businesses that sign up will improve their cash flow, which in turn leads to achieving a competitive advantage in the marketplace.
CONTACT GED NASH TD
Connolly Hall, Palace Street, Drogheda Office: 041 9810811
Email: gerald.nash@oir.ie Web: www.geraldnash.com
Follow me on Facebook @geraldnash