Capital Spending Needed to Future Proof Recovery and Create Jobs
Chambers Ireland has called on the Government to increase capital expenditure in Budget 2015.
Speaking this morning, Martin Doyle, President of Wexford Chamber said “Capital spending by Government is now just over a third of the level in 2008. We are already feeling the impact of the lack of residential construction over the last number of years with the current housing crisis and the same will happen with our infrastructure unless we invest in the future now. Roads and transport generally, water treatment and supply, schools and health and wellbeing services are just some of the capital infrastructure areas crying out for investment.”
“The Government took a soft option during the recession of cutting capital spending rather than taking tougher but potentially more effective options in the long term. Capital spending has made up the majority of spending cuts. This was tolerable in the short term but now is the time for it to be reviewed. We are not looking for 2008 spending levels but rather a return to a more normal level of investment for a recovering economy that will future proof our infrastructure and more importantly create desperately needed jobs,” he concluded.
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