Damien English (Meath West, Fine Gael)

A question of credibility arises in regard to the Government's ability for achieving savings. The way in which expenditure flew out of control in the past decade suggests it will be incapable of meeting its targets. What changes will be made to ensure we make the requisite savings while protecting services? Will new cost accountants and budget experts be brought in? If the plan is not credible, the markets will not believe it.

What interest rate does the Government expect to pay in the coming year? Our interest bill is heading towards €8.5 billion for the next four years and even a small change could add an extra €500 million. We know the UK managed to reduce its rate and we need a plan in place to reduce ours.

As public expenditure was allowed to run out of control, wages and social welfare increased. The Government made decisions based on false foundations, using housing money to set in place spending. When people received increased wages and social welfare, they also put spending plans in place, borrowed money and made commitments. Given the Minister is trying to cut back, they will be caught with commitments made and no money to match them. Will the budget and the four-year plan have some realism in terms of new measures to try to deal with people's short-term debts through deferral over a long period or by some other means to try to close that gap? If we do not do something, people cannot function. It is as simple as that. If the Minister's plan is not credible, interest rates will increase yet again.

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