Michael Creed (Cork North West, Fine Gael)

One of the great myths successfully perpetuated during the recent election campaign was that Fianna Fáil is competent in economic matters. I look forward to the Minister for Finance, Deputy Cowen, explaining to the House today how, in 12 short months, the surplus of €4 billion he presided over last year has become a €2 billion deficit. This development destroys the myth that he and the Government are competent in economic matters. We hear that the Government will borrow money. While I have no difficulty with borrowing for sound economic projects, I do not trust the Government in this matter because we have seen where Fianna Fáil borrowing led us before.

On a point raised by Deputy English, one of the cornerstones of our economic success in the past 40 years was the introduction of free secondary education by the former Minister for Education, Donogh O'Malley. A further pillar on which our recent economic performance was built was the delivery by the former Taoiseach, Mr. John Bruton, of a corporation tax rate of 12.5%. Now we see Fianna Fáil Ministers sitting around tables in Europe threatening to negotiate changes in the corporate tax rate and thereby undermine one of the foundations of our economic success.

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