James Bannon (Longford-Westmeath, Fine Gael)

While we go through the motions and debate the Finance Bill, there is a sense that we are standing here with our hands tied behind our backs, bowing towards Europe or rather the troika. Despite this, the Bill is a positive step towards managing our limited resources in a manner calculated to build on, and improve, the chink of light showing through the financial gloom. It will contribute in a positive way to releasing these ties and bring us back to a level of autonomy.

The Minister has made us aware of a new stability in public finances and the decline in the budget deficit. Budget 2012 and the copper-fastening of its provisions through this Bill will be the driving mechanism to achieve a further reduction in the deficit to a projected 8.6% of GDP. The latest troika concessions, which will see some of the proceeds of the sale of State assets being reinvested in our economy, particularly relating to competitiveness and not just into the black hole of our debt payments, is very welcome. While the actual sale of such assets is necessary, it is a shameful indictment of the previous Administration, presided over by Deputy Troy's party, and an out of control banking sector; but any leeway on the moneys realised is beneficial.

While the macro situation in terms of the global, European and even the national is to a great extent outside our control, there is an urgent need to focus on the regional, within the limited resources available. Our local counties, towns and rural areas must be prioritised, with the emphasis on recovery and growth, through job creation.

I have always said that marketing activities must begin at home in each county. However, while the know-how is local, the funding and investment opportunities must be equally shared from central resources, on a region by region basis. Support for local enterprise leads to a positive impact on local economies, which in turn increases employment.

I very much welcome the Government's action plan for jobs and congratulate all those involved in its formation. Combined with the measures in this Bill to encourage investment and stimulate research, this plan will support the drive toward job creation, with a projected 100,000 jobs coming online by 2016. I very much welcome the focus of the action plan which will change the way the Government interacts with business by cutting costs and red tape. It contains 15 key actions to make it easier to do business and grow jobs. County enterprise boards will be replaced by a new one stop shop micro enterprise support structure. I am encouraged by the initiative that will see Enterprise Ireland, through offices in local authorities, provide expert help to start-up businesses at a local level and bring a new fairness to the allocation of resources and opportunities.

My priority is getting Longford and Westmeath back on the fast-track of economic recovery and development. I said a number of years ago that I am extremely proud to be part of the modern, vibrant economy that is developing in the midlands. In tandem with the rest of the country that economic upswing has been sharply curtailed. I am determined that every opportunity will be offered and taken to reverse that setback.

I am extremely pleased to welcome the action plan which will encourage firms in Longford and Westmeath to sell their products abroad in lucrative export markets. Enterprise Ireland is committed to identifying a wider group of potential exporting companies under a new potential exporters division. The corporation tax exemption for start-ups will be extended to 2014, and a new development capital scheme will help fund medium size indigenous companies with major growth potential.

Accessing credit remains a major challenge for many firms in Longford-Westmeath. I am confident this problem will be directly addressed by the partial credit guarantee scheme and the micro-finance fund, which will help businesses struggling to get loans.

The hardest thing to accept in the current economic climate is the enforced curtailment of locally driven economic and commercial expansion, which I saw taking place in Longford-Westmeath. However, the arrival of Abbott, one of the world's top pharmaceutical companies, has had and continues to have a hugely positive impact on our economic development.

Inward investment such as this is essential and more than ever is the lifeblood of rural areas such as Longford-Westmeath. Infrastructural provision, however, is an essential part of any development. The unfortunate curtailment of road projects such as the N4 and N55 adversely impacts on economic recovery. If foreign investors do not find the basics here they will go elsewhere. We cannot congratulate ourselves on being to the forefront of cloud technology if businesses and households cannot get basic broadband, as is the case in Longford-Westmeath.

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