Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his response. The announcement yesterday that the projected adjustment in the budget will be no greater than €3.5 billion despite the reduction in the growth forecasts for next year and 2014 was a small crumb of comfort to people. The most disappointing aspect of yesterday's document was the recognition or acceptance that we will have unemployment of approximately 14% in the coming years.

According to yesterday's document, the adjustment of €3.5 billion will bring us in at precisely the deficit limit of 7.5% of GDP next year. People want certainty and the budget will be announced in less than three weeks' time. Will the Minister indicate at this remove, in terms of the work ongoing in preparation of the budget, whether he will continue to base the budget on the three pillars of maintaining the Croke Park agreement, income tax and welfare rates? Is that the basis on which the Minister is building the budget at this point? Do those commitments still hold?

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