Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It is always easy to prescribe ways of spending extra money. After two years of very hard work we are getting the economy back into a position where it is growing again and where many of the indicators are pointed in a positive direction. It is only February. Over the years Ministers for Finance have not speculated about the budget, even within two months of it. To ask me to speculate about what provisions may be in the budget in February when there will be no budget until October at the earliest, in line with the two-pack, is not a reasonable request.

Anyway, the position has improved and the deal on the promissory note has brought about a situation where, all other things being equal, tax increases and public expenditure totalling up to €1 billion will not be required to be made as part of the adjustments necessary to get to the 3% target by 2015. Let us consider the recently negotiated wage agreement. There is €1 billion in that but it has not been put to the members yet. There are many moving parts.

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