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Enterprise Minister Richard Bruton announced today that his Department’s budget will be broadly maintained in 2012, with current spending at €366million slightly lower than its 2011 allocation but capital spending at a record high of €514million. Over the next two years, the Government will commit approximately €1billion in enterprise capital supports.

At €880million, the Department’s overall budget will be marginally down on the 2011 allocation.

Some of the provisions in the capital budget for 2012 include:

• A 4% increase in the Enterprise Ireland capital budget
• Maintenance of the IDA capital budget
• Maintenance of the County Enterprise Boards’ capital budget
• A 10% increase in the number of high potential start-up Irish companies supported
• €18million spend on Innovation Fund Ireland to further improve the Irish venture capital industry
• New technology centres in Cloud, E-learning and Financial Services to be commenced
• A 20% increase in the number of Innovation Partnerships

The Minister said:

This Government is determined that, alongside the very painful budgetary decisions we have to make, we must implement our plan for economic recovery and job creation

That is why, at a time of declining resources, the Enterprise budget is being broadly protected. Of course my Department, like all others, will find savings across its current expenditure, including in administration and pay budgets.

However crucially, as previously announced, capital spending on job-creating programmes will be increased in 2012. This will mean that my Department and its agencies will be able to continue current levels of spending on job-creation, as well as increasing the scope of some crucial programmes and implementing some new measures.

Read the full press release here.