Bertie Ahern (Dublin Central, Fianna Fail)

In recent years the economy has annually turned in one of the best economic performances in the world. From 1997 to 2003 the economy has grown by more than 8% per annum in real terms. These are genuine increases for the economy and for business. For the current year we expect Ireland to maintain its global economic position. The mid-term review of the economic outlook forecast a growth of 4.7% and we might even beat that. Irish GNP growth is predicted to rise by 4.2%, while euro area growth is predicted at 1.7%. We remain one of the strongest economies in terms of profitability. Deputy Kenny knows profitability among Irish companies, both indigenous and international, is extremely strong. That is what enables us to create the current level of jobs. Again this year, over 1,000 jobs are being created per week. The number at work has increased by almost 400,000 over recent years. Unemployment is at an historic low and employment creation is at an historic high. EU and Irish inflation are at the closest point in three or four years. I would have thought the convergence of the two would have been the source of some satisfaction. We have seen all the international areas in which we have moved to make successful productive investment.

The Competition Authority report is to keep people on their guard so that we examine areas in which we can try to do better. That is the purpose of the Competition Authority. It is not to tell us we are doing well and that we should do no more. Regulators do not apply stealth taxes. A stealth tax is a secret tax. The purpose of regulators is to create a transparent position so that people can make their submissions.

I was asked to give three examples. Our taxes policies actively drive our ability to create jobs and wealth. We have moved on insurance and on infrastructure on which we are spending 5% of gross domestic product, GDP, which is much higher than that being spent by any other country. We have moved on education and on Science Foundation Ireland. Those are four or five examples and I could go through each of them. In education, infrastructure, Science Foundation Ireland and in other areas, we are trying to get the productive sector of the economy up and running. I do not have to remind Deputy Kenny where we are in a global context in that few countries are ahead of us.

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