Joan Burton (Dublin West, Labour)

We know what needs to be done. We have to look beyond an economy over-reliant on low value-added construction and we need to move beyond the bricks and mortar economy. It is an important component but the driving forces are indigenous investment, inward investment and high-tech, high jobs and the knowledge economy. Competitiveness must be restored while striving for social and environmental sustainability and support must be ramped up for indigenous industry. It must be ensured the fiscal and infrastructural framework is in place to support a high-tech, high valued-added economy. The foundations must be laid for a 21st century knowledge economy. I do not disagree with Deputy O'Rourke's comment that many good things happened during the Celtic tiger years but they cost too much money and they did not help the least able people in our society nor are they helping those losing their jobs now.

As I noted on the Minister for Finance's appointment, his reputation for cleverness is based on the fact that he is a Cambridge man. Cambridge men go punting in the pleasant River Cam but sometimes, instead of making progress and going forward, inexperienced punters spend their time going around in circles. The really unfortunate punters end up going backwards. The Minister is steering the economy and the ship is very unsteady. Those in charge, like the Minister, need to steer the boat to safer waters. The uncertainty, confusion and panic that we have seen in the ranks of the Government and Fianna Fáil this week will only put us all in mortal peril. People are already overboard — those who have lost their jobs, the businesses that have closed, the people sitting on negative equity in overpriced homes and whose houses risk being repossessed and the school leavers who cannot get a job. If the Government cannot face the situation, it should leave the field to those of us who will rescue the economy, restore confidence and rebuild employment. I was proud to have been in government with most of the parties in the House at different times. Those Governments created fortunate economic circumstances.

The list of cuts, half-cuts, deferrals and postponements breaches several principles despite the Taoiseach's promise and rows back on capital investment and investment in public transport and scientific knowledge. Even the FÁS apprenticeship scheme is to take a hit of €10 million. Those apprentices are at risk of losing their jobs. One month ago, FÁS was going to send them abroad to complete their training. The House has been told of a 3% reduction in salary levels across Departments, including within higher education and the knowledge economy. As someone who has served in government, I know how difficult such a cut will be.

In yesterday's discussion, the Taoiseach admitted that the famous €1.44 billion was for the rest of year and the carryover into next year. To meet the expected €3 billion slide in tax revenue, there must be further cuts, which will be set out in December's budget. Is it in the Government's principles that those who can least bear the burden should be the people least hit by the cuts? Does the Government view capital investment, investment in scientific research and education and increasing competitiveness, public transport and the knowledge economy as the way forward? Will Fianna Fáil resort to panic measures? When the two Brians first entered the House as the Taoiseach and the Minister for Finance some weeks ago, they seemed to have everything going for them. In recent days, however, they have begun to sound like the Two Ronnies — incompetent, unsure, nervous and frightened about what may occur in the economy and what the voters may do to them.

Many responsible and prudent people can be found in the construction and banking sectors. The Government must respond and reskill the construction workers who worked long and hard to make a fair amount of money in the past decade so that they can become the engineers, scientists and building and construction firm owners of the future. The bubble has burst. When people enter therapy, the first step in recovering is to accept responsibility, but I am unsure as to whether the Government has accepted responsibility.

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