Seán Fleming (Laois-Offaly, Fianna Fail)

At the time, people on the other side of the House stated the reduction would reduce inflation and prices, the benefits being passed on to customers by retailers and producers. We all know this did not occur. The following year, the Minister decided to reverse the decision because the reduction did not have the intended effect. He gave the Opposition the benefit of the doubt and, seven years later, it is surprising its Members have not learned a lesson. They have short memories.

Apart from wanting to introduce a new capital gains tax, Fine Gael is proposing to reduce VAT from 13.5% to 12.5%. Its Members know full well that not one cent of the reduction would be passed on to consumers.

See this speech in context