John Curran (Dublin Mid West, Fianna Fail)

Increasing prices is only one side of the equation. Consumers' spending power, as measured by any reasonable economist or international survey, has not diminished but increased.

From 1997 to 2005, the increase in costs has been approximately 30% while average earnings have increased by 50%. Often we talk in terms of percentages which do not have a real impact. However, one survey was conducted by the Swiss bank UBS in 71 cities worldwide on take-home pay and its purchasing power. One part of the study examined the average working time required to purchase a product of universal significance, in this case a big mac. Nairobi was the cheapest location to purchase a big mac but one would have to work for 181 minutes to earn it. In EU capitals, it took on average 26 minutes of work to purchase one. In Dublin, however, the average time was 14 minutes. Prices and wages cannot be divorced in this argument. Deputy Enright claimed Ireland was a high-cost economy but equally we pay ourselves well.

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