Oireachtas Joint and Select Committees

Wednesday, 3 July 2019

Committee on Budgetary Oversight

Summer Economic Statement: Minister for Finance

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I will preface this by stating that it is from a content point of view. The difference between a surplus of 0.4% and the deficit of up to 1.5% is significant, as the Deputy has acknowledged. That will be a key difference in terms of the policy content. From a policy content perspective, what the potential budgets would have in common is putting enough funding in place to ensure the current level of services is maintained. From a discretionary policy point of view, if we are in an orderly Brexit scenario, the Government would be looking to put policy improvements or changes in place that reflect the fact that we have a growing economy. If we are facing into a disorderly Brexit, we will either have to use the resources available there or borrow further, if needed, in order to do two things, namely, put funding in place for support measures for our economy and finance increases we may face as a result of the number of people not at work in our economy, who need support, growing.

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