Dáil debates

Wednesday, 26 January 2011

Finance Bill 2011: Second Stage (Resumed)

 

12:00 pm

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)

No, it is a matter for the House to determine whether it wishes to vote for the Finance Bill. This has been a tremendous week in one sense in that political parties on all sides have had to face up to their responsibilities for once. I hope we can face up to our responsibilities in the course of the national debate that is now beginning. One thing about the Finance Bill which has become very clear to me, and which applies in a wider sense to the management of our finances and expenditure, is that one cannot make a concession without providing for how the concession can be paid for elsewhere. This is how our public finances will be managed in the future irrespective of what Government is in office.

If one wants a concession on a particular tax matter, one will need to show how it will be paid for on the other side of the account. If one wants an increased expenditure somewhere, one will need to explain what additional taxation or what reduced expenditure will fund it. That is basic public finance and it will apply in this House form now on. We have begun to see signs of it in this debate, which is very welcome.

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