Banking federation says small firms must adjust profit expectations due to rising costs

The government needs to move away from subsidising SME expenditure for the sector to grow, according to Banking & Payments Federation Ireland

The Banking & Payments Federation study called for more strategic supports for business. Picture: Oscar Wong

Small firms will have to adjust their profit expectations in the face of rising costs, according to a new report.

In its latest SME monitor, Banking & Payments Federation Ireland (BPFI) said that “more strategic” government supports, rather than subsidising firms’ expenditure, will be required to ensure the viability and continued growth of the SME sector.

Brian Hayes, chief executive of BPFI, said that the report showed a healthy outlook for the Irish economy, which ...