Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)

I will be as concise as possible. I have a macro question and a micro question. I will not waste time on the debate we have held many times here except to ask the Minister about the larger macro picture. Notwithstanding previous differences we have had in debates on this issue, is there not some recognition on the part of the Government and euro leaders that in the wake of the significant downgrading of growth prospects in Europe we should start to raise our voices against the merits and sustainability of the austerity policy? Should we not be shouting from the rooftops that it is not working? It has been tried and it is not working. In fact, it is robbing us of the investment funds we need to get things moving again. I will not labour the point but it seems the evidence is piling up in that area.

The Minister asked where we could we get the money. Let us set aside the larger European questions of bondholders and so on. Does the Minister not agree that the collapse in private sector investment means that we should get hold of the capital available in society which is not being invested? To answer the Minister's question, does this not mean we should tax the small minority that have the capital and wealth but who are not investing it and who, frankly, in many cases got this wealth through questionable means? This vast wealth which has been built up in this country is distributed among the top 5%. Why will the Minister not consider wealth taxes to get from that small minority the investment funds that we could then put into developing infrastructure and strategic industry, instead of cutting the strategic investment area, a policy which will be so damaging for out economic future?

My last question relates to a parochial issue but it is symptomatic and it relates to what Deputy Daly said as well. The question is not simply parochial and it seems to me the Minister should examine this issue.

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