Frank Fahey (Galway West, Fianna Fail)

It is clear that the Labour Party does not like to hear the unvarnished truth about the position we would be in if we were to pursue some of the policies it has outlined. It is clear from the response in today's international press that the Irish Government is doing the right thing in terms of cutting expenditure across the spectrum. It is quite clear from some of the comment in today's international press that the example of Ireland will now be followed by other countries. I note the UK has failed to address issues of public expenditure and it is now acknowledged by both main parties in the UK that they will need to address the issue of public expenditure and bring that public expenditure down very considerably right across the spectrum. It is an acknowledgement today that the UK was mistaken in the way in which VAT was reduced to 15%. This was being called for by Opposition parties particularly the Labour Party.

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