Ireland’s 2022 Budget is set to be released on October 12th, 2021. Chambers Ireland, the country’s largest business network, has requested for the government to widen and reform Ireland’s Living City Initiative in the 2022 Budget.
Chambers Ireland is composed of local company representatives from regions across Ireland and has forty member chambers. There is a network of Chambers of Commerce present within every notable town and region throughout the country.
The Living City Initiative is a duty stimulus plan for ‘special regeneration areas’ within Dublin, Cork, Kilkenny, Waterford, Galway, and Limerick. As a part of this plan, an individual can collect tax aid to be used for restoring and modifying both commercial and residential properties. Chambers Ireland is also asking for the establishment of a National Urban Strategy that will work to handle vacancies in cities and towns.
Further, the business lobby group has also called for Ireland’s government to implement increased incentives that would allow for the expansion of ‘brownfield’ developments. ‘Brownfield’ developments occur on land that was formerly developed, but now has the possibility of redevelopment.
Chambers Ireland has also stated that the government needs to implement a specific, timely contraction of construction Vat for economical, new apartment buildings in cities. This proposal would help to address the country’s housing crisis.
Another element of the pre-Budget submission is that the government should institute a lawmaking framework that backs joint property ownership standards. This would include co-housing and co-operative legal constructions witnessed in Denmark and the Netherlands.
Ian Talbot, the chief executive of Chambers Ireland, has stated that it is necessary to establish that the government budget of 2022 will address vacancies and bolster urban recovery in both commercial and residential spheres. The plan would be necessary for the success of cities, communities, and local communities. To fulfill this plan, Chambers Ireland would want to see a National Urban Strategy actually established for cities and towns throughout Ireland.
The Irish government’s Summer Economic Statement has predicted that there will be about €1.5 billion to go towards new expenditure proposals and tax cuts. The Summer Economic Statement further forecasts that there will be considerable economic growth in the next four years. The growth would then allow for even more spending and tax cuts.
It is still unknown if the government will take these suggestions to heart and actually adopt them. There are still a few months until the final budget is revealed so the country will have to wait and see how funding will be allocated.
Donnelly, Ellie. “Chambers Ireland Calls For Expansion of Living City Initiative in Budget 2022.” Independent.ie, 19 July 2021, https://www.independent.ie/business/budget/chambers-ireland-calls-for-expansion-of-living-city-initiative-in-budget-2022-40665697.html.