Chartered Accountants Ireland (CAI) has called on the new Government to support SMEs by dealing with the ongoing childcare crisis.

And they warned the country needs to prepare for the potential economic turmoil posed by US President Donald Trump's return to the White House.

Trump has threatened to impose tariffs on firms that don't manufacture in the States.

The Institute, which is now the largest professional body on the island of Ireland, represents over 39,000 members.

CAI President Barry Doyle, pictured, said: "The Programme’s commitment to address the regulatory and cost burdens facing SMEs, in particular its pledge to establish a dedicated Small Business Unit in the Department of Enterprise is reassuring, but rapid delivery will be critical so that businesses can start to feel the effects of these measures in 2025. 

“Similarly, it is our hope that the rigorous application of the “SME test” to all new legislation that increases business costs, prior to enactment is prioritised with immediate effect.

"My own professional life since qualifying has been largely within the SME sector, a sector that employs so many in Ireland, and such measures will allow these businesses to plan with confidence for the coming year.” 

The Institute warned their own recent report on FDI in Ireland noted that a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means that Ireland’s inward investment model is now at a crucial point. 

“The new Trump administration in the United States will be hitting the ground running and we must see the same impetus from our government in positioning Ireland to continue to thrive as a destination for investment and growth," added Mr Doyle.

"Ireland cannot afford to be complacent about our offering, or our success to date.

"The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI. 

“Taking childcare as an example, as a parent of a two-and-a-half-year-old and a six-month-old, I am only too aware of the sheer pain of the current system.

"Cost, but in particular, capacity, especially for children under one, need urgent attention, and failing to prioritise this will hit individuals as well as Ireland Inc.”

Photo: Barry Doyle, President, Chartered Accountants Ireland. © Patrick Bolger Photography