Most of it was positive but we have had the usual claptrap from the negative quarters across the way. I find it amusing that the only argument some politicians could muster was that some of the measures should have been introduced before now. That makes for a pretty good budget.

The most talked about element of the budget was, rightly, stamp duty reform as most would agree with it. The Government took a brave step and I commend the Minister, Deputy Cowen, for doing this. We will reap the benefits of this measure over the next year. The slowdown in the housing market has begun, but it will level out again. Equally, the rise in mortgage interest relief will benefit many who have already invested in homes, thus easing the burden on those who are currently investing in our economy.

The environment was a hot topic in the budget, in which a range of measured planned for the coming year and the years ahead was introduced. Motor tax and VRT have been mentioned. Due to the changes in the VRT regime, many cars already in the Irish market will become much cheaper. I have been informed that a BMW 320 could be reduced in price by €8,200 as a result of these measures. This is a brave step by the Minister because it puts the onus on those producing the cars to build cars that produce fewer emissions. It is a smart measure which is typical of the other measures introduced in what is overall a smart budget.

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