John Curran (Dublin Mid West, Fianna Fail)

We are a small island nation with an open economy. We do not have a destiny in which we can ride the waves and buck the trend, yet our growth rate is one that many of our European partners and others would strongly envy. We are anticipating a growth rate of 3% this year and it is in that context that the budget and Finance Bill were framed.

Members have spoken of redundancies, which are regrettable. However, in the next 12 months we are planning for a real growth in employment.

At a time when he was facing a tough budgetary challenge, the Minister should be complimented that he did not do what some commentators and others might have done in taking the easy option by cutting back on the capital budget. Capital investment during the current year is at €8.6 billion and at a time when there are real challenges to other industries our investment programme must be delivered not only for employment, but also to ensure the necessary infrastructure is delivered. The Minister made that commitment and, while running a deficit in Government spending this year, is maintaining the necessary roll-out of investment to provide that infrastructure. When other industries may be struggling, he will also provide the employment opportunities that come with an expenditure of €8.6 billion.

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