John Lahart (Dublin South West, Fianna Fail) | Oireachtas source

I thank the Minister for Finance and the incoming Minister for Finance. They always make themselves open and available to the Committee on Budgetary Oversight, for which we are very grateful. I know it is an obligation but it is always good to see them here.

Returning to what Deputy Doherty said, his notion that we may have under-budgeted for the Ukrainian situation is like suggesting that Covid is out of the way. We need to be very prudent and cautious on that. Last week, when the Irish Fiscal Advisory Council, IFAC, the Nevin Economic Research Institute, IBEC and the ESRI were before the committee, I made the point that none of them, in giving a background or context to the budgetary preparations, mentioned the weaponising of energy by Russia as a result of the invasion of Ukraine. It is important to note that this provides the bulk of the context of the energy price increases and cost-of-living challenges that we face. We need to keep making that connection for the public. Once that connection is lost, so too will be the solidarity built up around welcoming refugees and accommodating, schooling and employing them. There are up to 50,000 Ukrainian refugees and reflecting the very generous response by Irish people and the solidarity they have shown is very important. The weaponising of energy by Russia is central to everything we are discussing today.

I congratulate both Ministers on the employment figures. The recovery of the economy and the manner in which the Government dealt with Covid can be understated and forgotten about because there is such a tumult and a complexity of issues facing the world. They should not be forgotten. I came from a Webnet event for women held in Tallaght today. Of 180 participants, 104 are now self-employed having started up businesses. The initiative is supported by the Government and the EU. This is just a snapshot of some of the incredible things that are taking place. Unemployment has been eliminated and is at its lowest level ever.

This leads me to a point I want to make to the Minister for Finance. Some businesses are doing exceptionally well. There is a facility for gift tax. There is an opportunity in the budget, which I mentioned to my colleague, the Minister for Public Expenditure and Reform. Businesses have contacted me and some of them can afford to assist employees through the cost-of-living crisis. The tax-free limit on gifts is €500. If businesses want to make a once-off gift to their staff at Christmas or in the run-up to it, we should encourage that where possible. These are not cash gifts and they would have to be spent in particular areas. I ask the Minister for Finance to look favourably on this proposal as it would allow successful companies, which do not need to be large, to show largesse to their employees.

On fuel prices, petrol has come down from a height of €2.18 to €1.83 per litre, which is the price I saw on my way to Mullingar recently. The Government is committed to the supports that were implemented on petrol and diesel until the end of October. What is the Minister's thinking on that now?