Ibec has condemned the government for its plans to keep some money aside in the next budget for a “rainy day”, calling for increased investment in higher education instead.
The lobby group for employers, in a prebudget submission, said that the proposed pot of money is too small to protect against future economic shocks. The group also identified the funding crisis in higher education as one of the biggest issues facing the country.
Speaking to the Irish Times, Ibec’s director of policy, Fergal O’Brien, said that “the exchequer contribution per student has collapsed over the last number of years and we’re falling down the international rankings…we really need to wake up to the fact that our reputation is being severely damaged”.
O’Brien said that Ibec was in favour of ringfencing money but proposed that it be used for a specific purpose that would give the state a strong return: “And that purpose should be funding higher education.”
“We don’t think the rainy-day fund as currently structured is the right way to go”, O’Brien said.
Ibec’s support for increased investment in higher education comes at a time when universities are struggling to maintain their standards amid a major funding crisis. This year for the first time ever, Trinity fell from the top 100 in the QS World University Rankings. Other Irish universities also tumbled down the latest international rankings.
