Brian Cowen (Laois-Offaly, Fianna Fail)

Everybody recognises we have to provide as much support as we can. I looked at some of the proposals from other parties in regard to this matter in their pre-budget submissions, and they are broadly in the same territory both in terms of scale and objective.

We are extending the employer job incentive scheme to the end of 2011 and transforming the business expansion scheme to incentivise firms to employ staff. We are undertaking a number of key strategic initiatives to create new jobs and get people back to work. The business expansion scheme and the new employment incentive announced by the Minister yesterday require state aid approval, which should be forthcoming in the normal time period in the coming months. The issue is we are making sure that, as we close down the tax shelters in other areas, we provide an opportunity for people to invest in those entrepreneurs, businesses and enterprises that require assistance and funding at this time. We are increasing the amount one can invest in overall terms to €10 million, and €2.5 million annually, where the current limit is €1.5 million, and dealing with a complaint from business regarding some of these issues. People are out there creating jobs in terms of the certification process being more streamlined and user friendly. We want to broaden the areas of activity the business expansion scheme at present includes and the areas where investment can be made. That is a good initiative and it is the right thing to do. Those with investment income are being channelled into those areas of best employment effect in the public policy area.

At almost €35 billion, we are maintaining proportionately one of the largest capital investment programmes in Europe. We will spend €4.7 billion next year on the capital programme. When we consider the difficulties we have faced, to listen to some of the commentary and analysis from Members, which for some reason they think is a good idea, they suggest that due to the economic tsunami we have lost it all. Have we been knocking down the new hospitals? Are the new schools being closed? Have the extensions to all the basic infrastructure developments in our towns and villages throughout the country been closed up? The answer is "No". They have added to our competitiveness, and the people driving around the country today know this. To spend billions of euro in these areas was the right thing to do.

In current circumstances, as we know, there is greater value for money to be had given the more competitive position, with tender prices down by approximately 30%. We are continuing to work in that area. With regard to the €4.7 billion, whether it is the €400 million for our health programme, the €383 million going into capital spending in our schools, the €500 million being invested in our water services programme or the €500 million being invested in our housing programme, including for regeneration in Ballymun and Limerick, which is much needed, as we saw again on recent programmes on RTE, these are important initiatives. The Government is seeking to address issues constructively and is prepared to invest in the country at a time of difficulty. That is what we are doing.

With regard to semi-State bodies, the amount of investment that will be undertaken by the utilities, telecommunications and broadband companies, including those in the private sector, will be of the order of €2 billion next year.

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