Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

This proposition is an outrage. It is predicated on the notion that it will create some €670 million in additional income for the Exchequer in a 12-month period. The Government has no hope of realising such figures. The Minister for Finance suggested there would not be an increased exodus across the Border. He used the word "stampede". It is time to wise up. Make no mistake about it, there will be an exodus of people across the Border, because everything being done in this budget directs them that way, both in terms of resolution No. 3, which brings additional excise duties on petrol and diesel, and in terms of this one. People will cross the Border in ever-increasing numbers because the increase in VAT from 21% to 23% will be the final nail in the coffin of so many businesses, not only along the Border, but in counties south of the Border. The Government is going to close businesses that are just hanging on and no more at this time. These are businesses where the footfall has already dropped dramatically and where staff have already had to be let go. The Government is driving that final nail into the coffin. Not only is this proposal a further blow to the State's economy, the impact it will have on local and regional economies along the 12 counties just south of the Border will be significant.

I have a vain hope this Government might withdraw this proposition. If it does not and if it forces it through, due to the weight of its numbers here, that will be a shame and a disgrace and the Government will reap its just reward for it, because it is ill-thought out and anti-business and the Border counties. It will even have an impact further south.

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