Shane Ross (Dublin South, Independent)

I too welcome the Speaker of the Knesset although I believe he has departed the Chamber.

Is the Taoiseach aware of disturbing figures which are emerging about the growth rate for the economy for 2012? Davy Stockbrokers has downgraded its figure on projected growth for 2012 from 1.7% to 0.4%, while Goodbodys has produced a figure of 0.7%, down from 1.2%. Prior to the budget the ESRI downgraded its figure to 0.9%. While this is disturbing, the most disturbing figure is the 1.3% forecast produced by the Department of Finance which is way out of line with the projections provided by all the independent commentators. It is even more disturbing because the budget was based on the Department's figures.

There is a long and slightly unwelcome tradition of the Department puffing the prospects for the economy. One must ask whether these guys are number-crunching on crack at the moment. What are they doing producing and sticking to figures with which no independent commentators agree and on which the budget is now based? As the Taoiseach knows, lower growth, as anticipated by independent commentators, means lower taxation revenue and a wider deficit. Given that the Government has declared the objective of chasing the deficit a primary target, if we have a wider deficit, as is forecast, we will miss the targets on which we gave a commitment to the troika. Does the Taoiseach stand by the 1.3% growth projection, which is way out of line with the figures provided by everyone else? If the Department of Finance is forced to revise its figure, does he anticipate introducing new, sudden and unexpected austerity measures in pursuit of his declared goal of reducing the deficit?

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