Paschal Donohoe (Dublin Central, Fine Gael)
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I would like to make a few points about what Deputy Boyd Barrett said. I agree with every word the Minister, Deputy McGrath, just said. Capital expenditure is also recurring. I have noticed a new concept of non-recurring capital expenditure come in over last the week. I have rarely come across examples in which you can decrease capital expenditure easily. It is important to keep in mind that it is not just current when we are having a discussion regarding dated, recurring spending.

The second point I make to the Deputy is that we had to cut capital expenditure when receipts that turned out not to be reliable fell the last time, in the global financial crisis . In many ways, it was that decrease in capital expenditure over a prolonged period, which was done in an effort to avoid even harder choices in current expenditure, that set the background for the challenges we have now, especially with regard to housing for a growing population. I understand the Deputy's analysis is based on a differentiation between capital and current expenditure. As the Minister for Finance said a moment ago, I can see the value in investing in our future. I agree with the Deputy on those aims. I simply want to stress that capital expenditure also needs to be paid for from day-to-day receipts. As I said, we have learned from the last time what happens when we get that equation wrong. In my years of working with the Minister, Deputy Michael McGrath, and of doing his role in the last Government, I know it is hard to cut capital expenditure.