The Minister for Public Expenditure has told multinational business leaders that housing is a top priority for Government.

Addressing the American Chamber of Commerce in Ireland annual Thanksgiving lunch, Michael McGrath said the Government acknowledges that housing is a huge issue for the chamber's members as it is across society in general.

He said the Government is putting huge resources into the implementation of the Housing for All plan, with over €4.5 billion in capital spending earmarked for next year for social, affordable and cost rental homes.

"We are making real progress," he claimed.

Mr McGrath also told attendees that the new consolidated planning bill will be brought to Government in the next number of weeks.

He said this will ensure there is certainty on timelines on planning applications, and the system will be adequately resourced to ensure it is implemented.

The minister said the Government is deeply conscious of the impact of inflation and energy costs on households and businesses.

He said its priority will be to protect livelihoods and do all it possibly can to protect jobs and households, particularly the most vulnerable.

As part of this, the Government remains absolutely committed to taking every opportunity to improve the value proposition Ireland offers to foreign direct investment companies while at the same time building a strong indigenous base, the Minister stated.

He said this would be achieved by ensuring Ireland continues to pursue a pro-enterprise policy framework, and by providing a stable regulatory and tax environment, and by managing the public finances in a prudent manner.

Mr McGrath paid tribute to the "hard work" of the chamber's members and all businesses, adding that thanks to this Ireland had avoided a prolonged decline in economic activity from the pandemic.

He also praised the confidence expressed by American Chamber of Commerce in Ireland members about the future, despite the economic backdrop.

Also addressing the lunch, the chamber's president, Catherine Duffy, said she was very conscious of the tough decisions taken by some members in the tech sector.

She said for many of the staff concerned it is more than just a job, it is also a set of trusted friendships and being part of a team.

She added that the Chamber stands in support of affected members and we will continue to play its part to provide every assistance it can.

She said it would to this with confidence that US investment in Ireland and Ireland's hard earned position as one of the US's trusted business partners remains rock solid.