Conor Lenihan (Dublin South West, Fianna Fail)

All the reform that occurred in the social democratic movement in Britain and right across Europe has simply not happened in the Irish Labour Party. It appears from some of its pronouncements in this and other debates in this House that its members are still cheerleaders for State ownership and big union power, even though all of the mainstream social democratic movements in the UK and elsewhere have departed from that particular policy mix. It is noticeable also that when one hears Tony Blair, Peter Mandelson and Gordon Brown, the lineal successors of John Smith and Neil Kinnock, they are not enthusiastic cheerleaders for the nationalisation of banks. They do it as the least desirable choice when it comes to dealing with banks and the banking system. One senses a degree of relish almost in the Labour Party speakers at the fact that we are actually in recession. One can only compare this to the relish one sees on George Lee's face on television at the mention of the word "recession" and what disaster might next beset us.

Socialists have always opposed big capital and banks and we see a good deal of this in statements emanating from the left wing parties at the moment. The budget announced yesterday is the first step in our economic recovery. It is a supplementary budget and a response to the political and financial situation which is changing literally by the day and by the month. One can no longer introduce a budget in this House and say: "That will be it." We know, for example, that the Government has taken on the very difficult task of paring back public spending. This particular supplementary budget must be viewed against the background and in the context of the earlier full-scale budget and-----

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