Billy Kelleher (Cork North Central, Fianna Fail)

I would not mind sharing my time. It was not that I harshly wanted 20 minutes to myself, but the Minister of State, Deputy Martin Mansergh, will contribute at a later stage.

Our international reputation is of critical importance because we are borrowing large sums of money. It would be very expensive for bond markets and lenders to get the insurance to lend money to a country with a damaged reputation. It would place an onerous task on taxpayers to try to fund long-term lending in that context. More importantly, Ireland's reputation must be protected at all costs. First and foremost, we attract a great deal of foreign direct investment. Some 136,000 people are directly employed by companies that are located here as a result of foreign investment. It is critically important for Ireland Inc. as a location to attract such investment. If we did not take the necessary measures to correct a spiralling budget deficit we would be failing in our duty to portray Ireland abroad as a positive place in which to invest. In discussing foreign direct investment, we are speaking about real, high-end and high quality jobs throughout the length and breadth of this country. Any Deputy would support the Government in the context of trying to protect the country's international reputation.

This budget has sent out clear signals. It is a difficult budget and many people's living standards will suffer because of it. Members on the Government benches do not take that decision lightly, but from necessity. We must also address our competitiveness. Why do we have a budget deficit of more than €20 billion?

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