Small business and FDI dependence
The speaker offers condolences for Brian Crowley and warns that small businesses are struggling while the economy remains overly dependent on multinationals and foreign investment.
I too give my condolences to the Cathaoirleach and the family of Brian Crowley.
It is only a month into 2026 and many small businesses across the country are struggling to get by. Our economy is heavily reliant on foreign multinationals, while Irish-owned businesses struggle to survive. Foreign direct investment, FDI, in Ireland is worth more than 2.5 times our entire economy. It is scary that we are that reliant on it. Over 80% of corporation tax now comes from foreign companies. Around 70% of our exports come from multinationals and nearly 70% of that investment comes from America alone. That means our public finances, jobs and budget are heavily dependent on decisions made in foreign boardrooms. A change in US tax rules, a trade dispute or a company restructuring could hit our economy really hard. It is worrying to see that the Government is not trying to address this over-reliance on FDI. One of our biggest indigenous exports is agriculture, yet we see Government MEPs supporting the Mercosur trade deal. This would decimate the Irish beef industry, yet there has been virtually no real opposition from the Government. Multinationals can up and move, but our farmers are tied to the land. They are rooted in this country and the Government needs to fully support one of our most valuable indigenous exports.
If someone is self-employed in Ireland, they face high PRSI, USC, VAT, commercial rates, insurance, energy bills, the rising minimum wage and now the new auto-enrolment scheme. They take all the risk, create local jobs and keep towns alive, yet they are treated as an afterthought in national policy. We need to put indigenous industry front and centre. The Government could take small steps to support small businesses, like a PRSI rebate or a reform of the commercial rates system. National economic policy should prioritise indigenous businesses that will not simply up and leave if conditions are better elsewhere.