Energy has been identified as the principal contributor to rising business costs by an advisory forum established by the Government.
The Cost of Business Advisory Forum has issued its final report setting out 63 recommendations to boost competitiveness and cut costs.
The report found that the Government should consider the feasibility of a new scheme to reduce prices for large energy intensive business users.
It also highlighted the importance of price transparency and easier switching for non-domestic customers.
The forum brought together business representative bodies, social partners, regulators, State agencies and Government departments.
Members were tasked with examining key non-pay cost drivers affecting enterprise, including energy, insurance, legal services, water and wastewater services, infrastructure and planning, tax administration and regulatory compliance, and banking and financial services.
The forum has called for regulatory reform and the removal of bottlenecks.
It has also highlighted how limited business banking competition is driving high borrowing costs.
“This independent report represents an important contribution to our understanding of the challenges that face enterprises,” Minister for Enterprise, Tourism and Employment Peter Burke said.
He added: “The Government will give careful consideration to its recommendations and will issue a formal response in due course.”
Chair of the forum Kevin Foley said the inputs from stakeholders have been crucial in identifying the key issues facing businesses.
“I hope this final report serves as a catalyst for meaningful action to reduce the cost and complexity of doing business in Ireland and foster a business environment where enterprises can invest, innovate, and sustainably grow,” Mr Foley said.
Chartered Accountants Ireland welcomed the recommendations and called for their swift implementation.
“The recommendations are practical, achievable and deserve prompt implementation,” Director of Members and Advocacy at Chartered Accountants Ireland Cróna Clohisey said.
She added: “Now Government needs to deliver them.”
