James Bannon (Longford-Westmeath, Fine Gael)

Yesterday, The Irish Times summed up the ignorance of the Government on what we are facing and will continue to face under their mismanagement. The article states: "Saying the recession is over runs the risk of fostering a cruel illusion that the economy is undergoing 'a little technical adjustment'." Some technical hitch. This is not a gentle breeze that will blow over in the morning; this is a fully fledged hurricane that will sweep away our homes and destroy businesses. The means to cope with the emergency were not put in place and the repercussions that have ensued will not be ended lightly. Lest we forget, given the speed at which events are moving, a recent report into the banking crisis states the Irish banking debacle was, in a cruel way, a home-made crisis. This brings us to whose hand was involved in the home baking. It was undoubtedly stirred by the former Minister for Finance, now Taoiseach, with some help from the current Minister. What the Minister is misinterpreting, in his innocence, as an end to the recession is the natural recovery of a small part that follows the rapid fall of the economy. It is in no way indicative of an improvement for those unemployed, facing unemployment or facing the prospect of losing their homes. Unemployment has risen to 13.4%, which is a 16 year high and translates into 450,000 people unemployed. A shocking statistic shows that four companies went out of business every day in the first six months of this year. The human suffering associated with that figure is almost too much to take in.

We are facing that suffering in Longford. The potential closure of B3 Cable Solutions with, 100 jobs on the line, is a massive body blow to Longford. It certainly gives lie to the Government's talk of the end of the recession. Is the Minister for Enterprise, Trade and Innovation aware of the alarming information I have been given that, despite the situation in Longford, B3 Cable Solutions has invested €4 million in Spain and purchased plants in Sweden, Germany and Manchester in our neighbouring country?

I am extremely worried about the inactivity of the Minister for Enterprise, Trade and Innovation in response to the closure of this company. I ask him to outline the steps he is taking to avert the closure in light of the company going into receivership with a mere six days remaining to sell it and prevent the loss of these jobs, which would be to the detriment of the socio-economic recovery of the region and to the future industrial and commercial profile of Longford town and the surrounding areas. The Minister must put in place an urgently needed industrial strategy for Longford-Westmeath and the country. The socio-economic implications for the recovery of the midlands necessitate urgent action on such a long-term plan.

Fianna Fáil has allowed Longford to become an unemployment blackspot. Deputies Kelly and O'Rourke have pulled down the shutters on the Longford-Westmeath constituency. Longford-Westmeath currently has 16,000 people unemployed and Longford has got less than its fair share of State jobs. This amounts to less than 2%. The other bar to economic recovery is the high level of stealth taxes that deter investment and lead to existing companies relocating to China and the Middle East. Taxes, insurance and energy charges are a major deterrent to investment and must be addressed by the Government. The Minister and the local Government representative, Deputy Peter Kelly, must clarify the situation regarding the status of jobs at B3 Cable Solutions. B3 Cables is a great company that has provided quality jobs in Longford all my lifetime and the current situation is a huge tragedy for the workforce.

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