Professor John McHale:

Yes, that is why I baulked when Deputy Calleary referred to it as a proposal. Really, it is something rather minor. Given that we have an overall target for the deficit, capital spending can often get squeezed. It fell to a low level as a share of the economy. The figure has been below 2% in recent years. The suggestion is that we put more focus on public investment as a share of the economy or as a share of total spending. We should have a clear target for the figures in order that capital spending does not get squeezed.

I imagine politicians have a better sense than I do of how, when spending cuts have to take place, it is easier to quietly shelve a capital plan than cut health spending or fire teachers.