Brian Cowen (Laois-Offaly, Fianna Fail)

If that is going to be the level of debate here, we can forget about it. In the context of our mid-year Exchequer returns, we have made these decisions. This is our initial reaction to the situation. We are saying that in the context of the Estimates for 2009 further decisions may be required to make sure that we have a sustainable public finance position going forward. That would be determined by information as it emerges during the course of the year. It is necessary for the Government to do whatever is required to make sure we work within the Stability and Growth Pact principles that have been set out, which is the basis of our membership of the euro currency. We have seen a deterioration of €3 billion in our tax revenues this year. That means we must work within the spending limits we have set ourselves to underline confidence in ourselves going forward and to devise a strategy next year that will be sufficient to be sustainable going forward. That is the position.

I made it clear yesterday that this is a process by which the Government is tailoring its response in an effort to meet the requirements of the situation as it emerges. That is no suggestion of anything else to the contrary. It involves some efficiencies, administrative savings, the reallocation of existing allocations from some Departments to others, which now require more money because of the increased unemployment that was mentioned, and working within the overall spending limits we have set ourselves. That is what we are trying to do.

We are also examining the position for 2009. We are putting out the information as we have it on what we are trying to do. We are not suggesting that this process is now finito, that this is the end and that all Members can sit back until next February. We have to manage this serious situation, and we intend to do that. We intend to discharge our duties in government and bring to the attention of the House, as I have done, through the course of the debate on this issue today and tomorrow, whatever information Ministers are required to bring forward; that will be brought forward and detailed to the House. That is the way I want this to be, that is the way it should be and that is the way it will be. There is no question of anything to the contrary. We are bringing forward to the House the decisions that were made and finalised by Government at 2 p.m. yesterday, which were then announced and on which we will have a debate for two days. That is a fairer reflection of the Government's intentions than what has been suggested from the benches opposite.

See this speech in context