Peter Burke (Longford-Westmeath, Fine Gael)
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I thank the Deputy for his questions. Regarding our capital expenditure, the Government is probably spending approximately €12 billion per annum. That was approximately €3 billion a decade ago, so the pace of growth can be seen. I genuinely look at it as a glass half full. In the case of Waterford, there have been significant infrastructure improvements over the past decade. They came across two Governments, which I supported as a backbencher in the previous one and as a Minister in this current one. Some of these improvements are highly significant and go into tertiary education, health, greenways and roads, as can be seen through the North Quays getting €170 million in one investment. This makes the point that it is getting significant investment. I will raise the Deputy's concern about the IDA not recommending a client go to that particular location. I will raise that with the IDA. It has a significant building programme that it is working through in eight different areas. I will raise the Deputy's concerns in connection with Waterford with the IDA directly but I emphasise there are a lot of good things happening in the region.

Of course, from a Government standpoint, I would make this point. It is important to demonstrate when we have a significant capital plan. People need to see and feel that. Even looking at housing, Waterford is one of the shining lights in the repair and leasing scheme. I went down there and met Michael Walsh, an exceptional city manager, who is doing incredible work. He pioneered that scheme and really showed other local authorities what they should be doing. I visited the old building just outside the city that had seen transformational effects. There is a huge amount of work being done.

Second, on capital gains tax, the Deputy obviously was referring to a €10 million gross threshold in connection with the valuation of businesses. I will be working on that as I do not want it to be the case that our indigenous enterprises are at a disadvantage through a measure whereby a capital gains tax must be paid for a non-cash transaction if it is being passed over to the next generation, particularly as businesses now need cash to invest in decarbonisation. We need to focus on how they embark upon a more sustainable pathway, as well as trying to freshen up senior management. All those areas will have to be looked at in detail and I will be calling for improvements in that area. There is no secret about that.

It is very important to keep entrepreneurs at home. We have made improvements to the KEEP scheme to make it more attractive, and we will be working to try to increase the uptake on it. Regarding our offshore wind, I am in agreement that we have a huge amount to do. That is why we have set out an ambitious strategy in the Department through Powering Prosperity and as our value proposition to ensure we can attract investment on a sound footing into the future. Offshore wind is fundamental to that deal, and we have a huge amount of work to do, as has rightly been pointed out by the Deputy in terms of the investment, because we have to deliver it. This is not a choice; it has to be done to provide that certainty. I will work with my Government colleagues to try to achieve that. As I said, I had a significant conference with a Scottish minister down at the Port of Cork, and we are happy to work with other areas so we can ensure that we have the capacity to bring in that infrastructure. We do not want to lose this opportunity. We are a country that has an exclusive economic zone that is beyond seven times greater than our landmass. Our opportunity is vast and we need to be ready for the improvements in technology on the west coast as well.