Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I think our economy will need very significant and sustained support over the period ahead. Our public expenditure in 2020 is going to be of the order of €16 billion more than expected and up about 30% compared with the outturn in previous years. Much of that has been gone by way of stimulus measures, employment supports and income supports. In the Department of Employment Affairs and Social Protection, the budget will be exceeded by some €9 billion and we will now be spending in excess of €30 billion under that Vote. That is the Vote under which the wage subsidy scheme is administered in addition to the pandemic unemployment payment.

What we are doing with capital expenditure in terms of investment and providing stimulus is part of the answer to the Deputy’s question. On budget day, however, we need to give confidence to the business community and employers that we see a way out of this and have a plan to bring the country through a very challenging and uncertain period. That will be a key objective.

We are also examining the concept of a recovery fund, which we signalled within the programme for Government. We are scoping out the nature and the extent of that at this time. That fund would be used either for current or for capital purposes to respond to the emerging needs of the economy.