Martin Heydon (Kildare South, Fine Gael) | Oireachtas source

I thank the Minister of State for his reply. Having worked for four years in the racing industry and having grown up beside a two-stallion stud farm, I understand the value of the industry to small rural economies. I also understand the value and importance of the funding currently made available through the horse and greyhound racing fund. At times, we almost regard it as a cliché that Ireland is a world leader in the racing industry. Racing is an industry although many regard it as a sport. If one considers the figures and the number employed throughout the country, one realises the industry is doing extremely well to hold on despite the cuts. I accept the Minister did very well last year in not cutting funding for the industry too much but the cuts since 2007 and 2008 have been significant and have had an impact. That the industry is trying to hold on is a testament to the extent of the cuts.

The recession provides us with an opportunity to fix many of the problems in the country but, when one thinks of solutions, one concludes it is not a question of reinventing the wheel or finding something new and golden but of investing in our indigenous industries and what we are good at. The horse racing industry is an example. We have the expertise, climate, correct soil type and natural raw material in the horses. It is important to have the foresight not to keep cutting funding at a time when it is needed more than ever.

The Curragh Racecourse really needs to be upgraded. It is where we showcase our top horses. Its facilities do not reflect the standard of the horses or the standard that the industry stars portray for us around the world, thereby doing our reputation no service. We need to have the foresight to make the required investment.

In 1982, a tax of 20% was levied on bets. This was reduced to 10% by the then Minister for Finance, Mr. Alan Dukes. Subsequent reductions saw the tax fall to 2% and then 1%. In this same timeframe, most other Irish taxes increased. This needs to be borne in mind.

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