Nearly 60% of the chief executives polled by the accounting firm suggested that the Budget would do nothing for Ireland’s competitiveness, whilst 30% said it may even store up further competitiveness issues for the future.

However, 85% said that the maintenance of the 12.5% rate of corporation tax is vital for business.

PWC also revealed that 40% of the business leaders who participated in the survey were confident that current growth trends would continue, whilst a further 43% felt that this continued economic success is dependant on the global landscape and what happens outside Ireland. Only 13% felt that growth in the Irish economy would decline.

Concern was expressed at the level of regulation which Irish business has to cope with, with 33% of respondents suggesting that they were ‘just managing to cope’ with increased regulation, while over 53% said that it was "drowning" their business.

Speaking last Thursday, Colm Kelly, Head of Tax and Legal Services, PwC obseved that:

"While the survey is only a snapshot of reaction to the Budget, it does show that business leaders in Ireland continue to have concerns about the threat to Ireland’s competitive position internationally, with more emphasis on infrastructural public expenditure and education needed."

He continued:

"It also highlights the importance of the 12.5% rate of corporation tax in sustaining the growth that has placed Ireland high in the premiership of growth - the introduction of this rate was a far-sighted move when it was first flagged several years ago but it is just as important now as it was then. It is essential to protect this 12.5% rate, especially in the light of the increased competition that Ireland faces from outside the EU in countries such as Switzerland where the tax competition is highly aggressive, and indeed from within from the enlarged EU with many of the new member States looking to the Irish model as a basis for their own economic growth."