Finian McGrath (Dublin North Central, Independent)

I wish to add my voice to the urgent need to reduce the interest rate charged on Ireland's EU-IMF loan, which I believe, will leave them in breach of their international legal obligations. This economic crisis has brought havoc and misery to the country with grave implications for the Irish people. That is the reality on the ground. Unemployment is rising and increasing numbers are living in poverty and social exclusion. This is the reality that has to be dealt with in this debate.

The Government is seeking to reduce the budget deficit by imposing deep cuts in public spending and this is having a huge impact on the most vulnerable in our society. Reducing public expenditure will affect the poorest in society. The Labour Party should hang its head in shame particularly given its false promises during the General Election campaign. It knows the situation and the truth, yet it misleads the people every day in debates such as that which is taking place today.

Section 1 of the Bill mentions the universal social charge which I would describe as a regressive tax. I ask the Government to review it.

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