Dr. Mark Cassidy:

First, I fully agree with the Deputy on the importance of capital expenditure. Second, of course, he will be fully aware of the national development plan. We have seen capital investment. Over 2018 and 2019, the average increase was 20% per year. Even last year capital expenditure here continued to increase by approximately 15%. That contrasts significantly with other European countries, which saw roughly zero or even a fall in capital investment, so the evidence of the lessons having been learned here is quite apparent. What we will have over the next ten years, I think, will be really a guideline that public capital investment would average approximately 4% of national income every year, which is a substantial share, probably currently about €10 billion a year. I think that would be conducive to growth. Certainly, it represents an avoidance of the mistakes of the past where one cut back on capital because of pressures on the public finances.

The Deputy alluded to a very important point, that we have, unfortunately, moved away from the kind of overheating, full employment position we were in only 12 months ago. That does also mean that capital investment now would be more productive than in a situation in which we are at full employment and-----