Minister Paschal Donohoe, TD outlines Budget 2018 outlook for professional accountants in Dublin

Budget 2018, to be presented by the Government in October, will be for the first time in over ten years, a balanced budget, allowing Ireland to be more prepared for the risks that our economy faces, particularly Brexit and its potential impacts.

The Minister for Finance & Public Expenditure and Reform, Paschal Donohoe, TD, shared thoughts for the upcoming budget at the ACCA Business Leaders’ Forum in Dublin this morning.

The Minister explained that the potential implications of a hard Brexit present serious, yet unknown challenges for Irish businesses that the budget will not only address but seek to counteract.

“The budget next month will be ambitious, but it will be about sustainable, incremental change that will prepare us well for the future, and enable us to overcome the implications of Brexit and other risks to our economic growth and recovery. Unlike in the Celtic Tiger period, I will do nothing in this Budget that will have to be completely undone in future years,” he said.

The Minister also said that any spending increases in the Budget this October would be affordable saying that, “the failed policies of the past, where substantial cuts that led to increased disposable income, resulting ultimately in unbearable tax hikes a few years later, will not be repeated.”

The Association of Chartered Certified Accountants (ACCA) members and their guests also heard how homelessness and the seriousness of the housing crisis will be addressed by the government in Budget 2018 to encourage a sustainable market. According to the Minister, homelessness will be addressed in context of the broader housing policy, which will encourage incremental improvement to the market year on year.

Commenting on the event and its importance to ACCA members, Liz Hughes, Head of ACCA Ireland and Mainland Europe, welcomed the insights the Minister gave to the Business Leaders’ Forum ahead of the year’s most important financial announcement:

“We are in a time of recovery but we are also amid crisis and risk and it is crucial, that we as a nation are prepared to overcome the challenges that external political and societal issues impose on economic growth.

Commenting further on the importance of leadership and professional development in the current environment Ms Hughes said, “our members are experienced and knowledgeable and they have contributed greatly to our recovery. Finance professionals are at the heart of decision making within many Irish business and organisations and as the largest global accountancy body, have a responsibility as business leaders and decision makers to actively embrace the budget announcement and continue to support this growth in the longer term, and to support Ireland economically during challenging times,” she concluded. 

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Notes to Editors

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business–relevant, first–choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

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