Brendan Howlin (Wexford, Labour) | Oireachtas source

It inherited an economy in an EU-IMF programme. Even in the awful days of the 1980s we avoided that. It was an economy unable to sustain itself. It was an economy which, until that programme was agreed, would have run out of money to pay the wages of teachers and gardaí. It was an economy which would not have been able to pay any child benefit to any of its citizens or any pensions to its elderly. All of this was largely as a result of a decision taken by the Fianna Fáil Party when last in government, and supported by the sponsors of the motion, to socialise private banking debt and place it upon the backs of the people. Sinn Féin has a brass neck to move this motion.

After 18 months the Government's stewardship is changing the country. The economy is on the road to recovery. Economic growth returned last year and the economy is set to grow again this year. Every programme target set has been met. Our deficit is coming down. This year's target of 8.6% of GDP will be met. Our tax revenues are growing again. Our public sector is being modernised and industrial peace has been maintained. Our international reputation has been rescued. Our bond spreads have come down and we have secured independent funding in the markets for the first time in four years. We have introduced a jobs initiative and an action plan alongside a stimulus plan to invest in vital infrastructure and jobs. The last CSO quarterly household survey shows unemployment coming down for the first time in many years.

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