Paschal Donohoe (Dublin Central, Fine Gael)
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As to how we can safeguard our economy in the context of a change that still has to happen, there are two crucial elements on which the Government is doing its best. First, Brexit will happen next year; as matters stand, the UK will leave the EU. Things could then happen that have not been forecasted. It will be the first time an event like this has occurred. It is possible that the global economic environment within which we trade could shift because of that. As such, that period of uncertainty is the right time for us to increase investment in our economy. I am aiming for higher spending levels in areas that we can influence at home to take place at the same time as the external environment is dealing with new levels of risk.

Second, we must try to have national finances that are sustainable, with a low level of borrowing and visible progress on certain matters, for example, a rainy day fund. That some colleagues disagree with me on this is fine, but I will put a thought experiment to the committee. If Brexit had happened three years ago when we had a greater deficit and much higher unemployment, it would have happened at a more difficult time for our economy.