AN ADDRESS to a group of local businesses by economist and RTE broadcaster, George Lee, has indicated that the future of the Irish economy lies with the success of local business. The renowned Irish economist, journalist and broadcaster, spoke to a gathering of business people in Limerick last week about opportunities for growth in the current economic climate. The breakfast meeting, which was sponsored by ODCL Financial Services, the wealth management division of O’Donovan Caulfield Lavin, Chartered Accountants, took place in the Strand Hotel and was attended by 100 local businesses.
Outlining a number of anecdotal stories recalling his time in politics, Lee said that the Government really didn’t possess the power to create jobs, make change and get us back on track. He said that the power really lies with the people on the frontline and that SME growth and local businesses building the domestic economy was critical to the future success of the Irish economy, according to Lee who believes “ordinary people doing great things, that’s where the future lies and that’s where the passion is right now.”
George Lee cited examples of the inspirational stories he hears every week such as that of Coder Dojo, set up by an 18 year old Irish entrepreneur James Whelton to teach children to write code; Stripe, a hi-tech start-up which has just received investment of $100 million and Fragrances of Ireland, selling millions on US Shopping channel QVC.
Continued Lee, “In terms of the economy, times are difficult but there are lots of good things happening. Wage costs are down, our inflation rate remains below the European average and our competitiveness continues to improve year on year. I believe that Ireland is well positioned when the recovery comes.
“There is also much speculation about the Euro but I believe that the Euro is safe and that from an Irish perspective, being in the Euro is a safer place to be than out.” In relation to the Government’s plan to create 100,000 jobs by 2020, George Lee said, “I do not believe that the Government can create jobs, it can create the environment for jobs and I would urge all SMEs to demand that this environment is in place, rent, rates, access to cash and so on. Exports alone cannot deliver the jobs we need in Ireland. We need Domestic Growth and that growth will be delivered by the SME sector.”
Gerry Moran, Director, ODCL Financial Services also spoke at the breakfast meeting. He addressed the topic of Financial Planning and the Financial Planning Process and how this can benefit small and medium sized business owners.
“Lifestyle Financial Planning is all about ‘knowing your number’ i.e. how much money do you need to fund the lifestyle you have or the lifestyle that you want at some point in the future.”
Closing, George Lee added, “We have more than what it takes to recover from this recession, but we need to develop a plan, as Gerry Moran has said. The plan should help us to address the new reality which is that maybe we cannot retire as early, or maybe we cannot do the things we want to do right now but, if we have the confidence in ourselves to get on with it, we will be just fine.”
George Lee, broadcaster and economist, addressing a gathering of 100 business people in Limerick this morning here with Gerry Moran, Director, ODCL Financial Services and Jimmy O’Donovan partner from sponsors O’Donovan Caulfield Lavin, Limerick.
Picture: Keith Wiseman
