Olivia Mitchell (Dublin South, Fine Gael)

We should not reduce capital spending as the economy contracts. It would only reinforce and accelerate the downward cycle. The Taoiseach knows these facts, but he seems paralysed, hoping that the social partners will bite a bullet that he is unwilling to bite.

Confidence at home is key in encouraging consumption and investment. Even more crucial is the restoration of confidence abroad, namely, the confidence that we can tackle our problems. Currently, that confidence is tumbling and with every day that passes, it tumbles further. The cost of borrowing the €55 million, which the Taoiseach says we need every day, is soaring. Some commentators suggest we may not even be able to sell the bluechip Government bonds at any price. On behalf of the Irish people, I plead with the Taoiseach to take the resolute action of which he speaks often but never delivers.

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