Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

I will be succinct. The Minister said that inward investment, which is at record heights, compensates for the removal of demand from the domestic economy. I put it to him that that is manifestly not the case. Inward investment by multinational corporations is highly specialised and highly capital-intensive. While the jobs created are of course welcome, such investment is highly capital-intensive. The billions of euro which the Minister takes out of the pockets of ordinary people could be used for the creation of massive numbers of jobs because the domestic economy is labour-intensive. Perhaps the Minister would further explain this. I put it to the Minister that this is borne out by the 14,000 fewer people in work in quarter 3 than in quarter 2, the hammering of consumer spending in the first six months of this year and the fact that emigration is, unfortunately, at an all time high. The Government's austerity agenda is a disaster.

Perhaps the Minister would be more precise on the issue of the external outlook, which he said is not good news. In my view, that is putting it mildly. Is it not the case that the EU is effectively moving decisively into recession and that this is what is predicted even in Germany? Against this background and that of austerity across the board, what is the prognosis for the 27 million unemployed people in the European Union, including the hundreds of thousands here who are unemployed? The Minister will be aware from articles in the Financial Times and The Wall Street Journal that €2 trillion to €3 trillion in profits remain uninvested by big corporations throughout Europe and investment in the eurozone is at a 60-year low, which is a disastrous situation.

In regard to the national debt, can the Minister give us the percentage GDP projected for 2011, 2012 and 2013? Can he also tell us how much of that is due to the bank bail-out and the total interest payments in each of those years? The Minister said that during the Irish Presidency two important issues - namely, financial regulation and continuing reform of financial services market - will require our energy and commitment. What commitment, given that Ireland is resolutely opposed to the proposed mild reform of a financial transaction tax on speculation on the billions swashing around in the financial markets? The dictatorship of the financial markets and speculators must be delighted that the Ireland is taking over the Presidency.

I will not ask the Minister to repeat what he said on the property tax. However, I can tell him that he will face massive opposition across the board to it. What timescale is envisaged in that regard? Legislation in respect of the household charge was rushed through in a week last year. Given that the legislation in respect of the property tax is far more grave, will it be January or February before it is enacted? In other words, will plenty of time be provided for consideration of it? Also, how will stand the existing legislation in respect of the household charge following enactment of the legislation in respect of the property tax? Will that legislation be revoked at the end of this year, or is it the intention that it will apply for the first six months of next year or until the property tax comes into force, so that the household charge will apply for the first six months and the property tax will apply in the second six months?