Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

Electricity costs for SMEs in Ireland are now among the highest in the euro area and the fourth most expensive behind Cyprus, Malta and Italy. The cost of credit for new loans to Irish enterprise exceeds costs in the euro area for a range of loan types from the banks, but also from a State scheme, the microfinance scheme, which at over 8% is far higher than many euro projects. A warning contained within the report, as the Minister will have read, is that Irish consumer prices are 12% above euro area prices. What we are paying for food in particular is far in excess of the average in the euro area, which, in itself, is an indirect cost for business.

The Minister mentioned 2002. Between 2002 and 2006, in particular, the consumer price index and costs rocketed. It was very difficult to do anything after costs had gone up but the Minister now has the chance to intervene before those costs begin rising again. It will be difficult to lower the consumer price index unless we tackle the cost of our utilities - for example, our excessive water costs. In light of the Forfás report, has the Minister brought specific concerns or plans to the Government with regard to our utility costs and the cost of banking in Ireland? With regard to the agencies within his Department, has he any proposals for controlling the consumer price index, particularly the cost of food, at a time when labour costs have come down and people are being paid less while the cost of living is actually going up?

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