Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

There seems to be general agreement that we need more expenditure on housing, including affordable housing and public housing, and infrastructure. While I agree with that - I do not see how anyone could disagree - I do not understand, based on the submissions made by ISME and the Dublin Chamber of Commerce, where we will get the money for this expenditure. The witnesses argue for reductions in taxes to incentivise small and medium enterprises. If we provide further research and development tax credits to SMEs, open up the knowledge development box to SMEs and reduce VAT and capital gains tax, as the witnesses propose, where will we get the money for all the infrastructure and housing we need? Something does not add up.

My answer to all of this is straightforward. In my view, tax expenditures are not the best way to help the domestic economy. I ask the witnesses to comment on that. We are losing large amounts of money through tax reliefs. Surely we are foregoing far too much revenue through tax reliefs. Even the European Commission has made that point. The major beneficiaries of tax reliefs are the big multinational corporations. Property speculators are also doing very well and making enormous profits. Why would we give away more in tax reliefs when common sense suggests we should reduce them?

I was also slightly confused by the statement in the ISME submission that a "collective amnesia of how the fiscal and property crashes of 2008 occurred in Ireland has infected the trade unions, the public services, and a plurality of Oireachtas members." While I fully agree that there is amnesia about the fiscal and property crash, I do not see how it is largely manifested in the trade unions or public service. I am not sure what the expression, "a plurality of Oireachtas members" means. The amnesia appears to be largely in the Government and relates to what happens when property speculators are allowed to control the housing market and given tax incentives to do it all over again. They are evidently engaging in rampant speculation and profiteering, while delivering little affordable housing. I ask the witnesses from ISME to comment.

What are the witnesses' views on labour shortages?