Joan Burton (Dublin West, Labour)

I thank the Minister for his reply. At the time of the 2010 budget last December, the Minister famously said that the economy had turned a corner. However, the reality is that the domestic economy remains in recession having contracted for nine straight quarters. Does the Minister agree with Professor John McHale, professor of economics, National University of Ireland, Galway, that the cause of recession in Ireland is a lack of domestic demand. Looking at our situation negatively, almost 14% of our people are out of work. However, looking at it positively, 86% of our people are in work but are, by and large, terrified to spend. Does the Minister accept that returning the Irish economy to growth is fundamental to reducing the rate of interest Ireland must pay for borrowing, putting a floor under the property market and, fixing the banks? Does the Minister accept that they are strategically the three things any Government will have to do to get Ireland out of recession?

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