Damien English (Meath West, Fine Gael)

I agree and it is also the case that party politics would have prevented him. This is not a criticism of the Minister but rather it is what all of us have to overcome because this place has to be reformed in order to become a modern Parliament which reflects modern views and which can move at a greater speed when dealing with day-to-day issues. This is what people want to see happening; they want the Houses to be more effective and streamlined.

To return to the discussion of the amendment, Fine Gael is of the view that employment could be encouraged if losses could be offset against employer's PRSI. The intellectual trading market is large and active and the aim is to enlarge this market if possible. I await the Minister's views on this amendment. This is a practical measure which would encourage job creation. Fine Gael is unhappy with the budget and the provisions of the Finance Bill as they do not do enough for job creation but this amendment could help make a difference.

Allied to this amendment is the matter of patent royalties. Fine Gael accepts that the reliefs were too generous in that area but we do not agree they should be ended as this would be a step too far. I suggest they could be retained at 50% because expenditure in this area must be encouraged at a time when innovative new ideas will help towards job creation. We will do all we can to encourage job creation. The areas of patent royalties and intellectual trading lead into the necessity for a venture capital market and venture capital funds. These are not matters to be dealt with in this Bill but there is not enough happening in those areas and there needs to be more co-ordination and direction from Government to try to attract more investment. This amendment will be pressed as it is about job creation.

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