Oireachtas Joint and Select Committees

Thursday, 14 July 2022

Committee on Budgetary Oversight

Summer Economic Statement 2022: Discussion

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I welcome the Ministers and thank them for their work. There are a few items I wanted to get their thoughts on. I listened to their earlier contributions. Are there any circumstances where they would be required to change the parameters before the budget because of what might happen with external factors or other factors? They have said there will be no changes. I refer to the Brexit adjustment reserve fund. Many of the factors impacting us are external, such as the impact of Ukraine on oil prices and so forth. Are there any further supports coming from Europe? Is this something being looked at at a European level? I ask the Ministers to comment on our level of national debt. We are now into a period where the ECB's involvement in the bond market is dissipating. What impact is that having for us in terms of interest rates, our national debt and refinancing the national debt? Where do we stand on that?

I have two further questions specifically for the Minister for Finance. I note he is doing a review of corporation tax. When does he expect that to be ready? It is a feature that comes up a lot in the media.

Our corporation tax revenues are buoyant but in many cases they are coming from a small group of companies giving an exponentially high level of corporation tax. That is to be welcomed, but how will that frame the policy on taxes and spending?

I have a specific question on the Living City initiative which I will hold to the end because it is a stand-alone question.

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