LIMERICK people are afraid to part with their money ahead of Budget 2011 as they don’t know how much will be left in their pockets, but with a general election on the horizon, hopes have been expressed by the local business community that such an eventuality could spark increased growth and stability in the region.
Maria Kelly, CEO Limerick Chamber, insists it is “most important that the Government gets its budget and four-year plan through to meet the conditions of the IMF and the EU”.
Her comments came after Taoiseach, Brian Cowen declared on Monday he will call a general election early in the new year, “as soon as the budget process has been seen through”.
Noting that the within the next two years, a declining Limerick city centre and indeed, the economic picture as a whole, could see a return to growth, Ms Kelly told the Limerick Post that the reaction to the IMF has been somewhat peculiar.
“We have been in free-fall for some time and we have never hit the bottom, but maybe now we have hit the bottom, and I hope that the political parties recognise the importance of seeing this process through and then let the people have their say in the new year”.
However, Ms Kelly, adopting a positive stance, revealed she had spoken to many business owners who had acknowledged a substantial increase in their turnover, and she expressed confidence that 2011 could see a return for the majority of those that suffered at the front-line of the economy.
This sentiment is echoed by Graham Byrnes, regional director at CPL, who says that he would welcome the announcement of the general election as he feels that Limerick is in need of representation at the Cabinet table.
“We need stability here, and potential investors crave certainty if multinationals are to set up in the region, while allowing exporters to avail of opportunity.
“Companies are hiring and we have seen an increase in demand to fill jobs, but this needs to grow once the size of this financial bail out is identified. Ireland and indeed, Limerick, has seen an increase in competitiveness as salaries and costs have fallen.
“Now is the time for direct foreign investment to pick up an educated workforce. It is two years now since the Dell closure and with the support of grants and training stimulus packages, Limerick is getting back on its feet”.
Commentators and the business community are embracing the announcement of a general election on the whole, citing a period of stability as the key to recovery.
