Michael Colreavy (Sligo-North Leitrim, Sinn Fein) | Oireachtas source

As we are meeting today, representatives of the troika are packing their bags. Indeed, they may well be at the airport by now, on their way back to their homes or offices. It is clear that there is a difference between what the troika is saying and what the Government is saying about what might happen after the IMF programme comes to an end in December. In all of the discussions, with differences of opinion and differing statements, there is only one key question. Will the troika's departure mean that the Members of this Parliament can, at long last, begin to build an economy that works for all of the Irish people rather than forcing Irish people to create an economy for Irish and European vested interests? The answer is that the troika's exit will not make a whit of difference - not a whit.

Despite the official line from the Government about the State regaining its sovereignty, it is very evident that the troika will still insist on overseeing the policies to be pursued by this Government and possibly by its successors, depending on what happens nationally and internationally over the next several years. We are debating the measures in the Finance Bill today because of that very background and context. The entire austerity programme, all that has flowed from it and all the harm it has done is a consequence of the bailout programme, necessitated by the disastrous decision to bail out failed banks. The question now, which should be debated in this House and not decided in some back room in Brussels or by the German Government, is whether this State should enter into a new credit agreement and what policy and fiscal conditions would attach to any such agreement.

It is apparent from the signals emanating from the troika that it is keen to retain its oversight of the State's financial and economic policies. For instance, there are reports in the media today regarding the troika's briefing on our health services and its recommendations for further cuts. Some of what the troika argued, for example, about the high price of GP visits and of generic medicines is valid and has already been highlighted by Deputies in this House, including members of my own party. However, we have seen that the cuts imposed as part of the austerity programme have had a serious impact on the level and quality of patient care. That should make us very cautious indeed about the continuing influence of the troika over the coming years.

It is vital that we regain our financial sovereignty and that we use that sovereignty to pursue positive policies that will stimulate growth, rather than what we have seen here over the past number of years. Sinn Féin has set out its alternatives and we have outlined how we intend to pay for them. We would abolish the property tax, which is an added imposition on already-struggling households, but we would compensate for that by taxing those who can afford to pay more. Among such measures would be a third rate of tax of 48% on income earned in excess of €100,000. We would reintroduce the non-principal private residence charge and set it at €400, as well as increasing DIRT by 3% to 36%.

I referred earlier to the troika's comments on further cuts in the health service. We agree that savings can and should be made, but not through further cuts to services. Such savings could be made on branded medicines as well as by altering prescribing practices. It is shameful how much more we pay here in comparison with our European neighbours for medication. It is absolutely shameful and we should not allow it to continue. Sinn Féin would charge the full cost of private care in public hospitals and implement measures to improve productivity. Indeed, there is much scope to improve productivity. We would also reduce consultants' pay by 15% on income between €150,000 and €200,000 and by 30% on income of over €200,000 per annum. We would introduce similar reductions for those in the public sector on higher rates of pay and pensions. That would include a 15% reduction in public sector salaries between €100,000 and €150,000 and a 30% reduction in incomes over €150,000. Neither would we leave ourselves untouched. In regard to Oireachtas pay and allowances, we would reduce the Taoiseach's and Ministers' salaries and reduce the salaries of TDs and Senators to €75,000 and €60,000 respectively. When we say we feel people's pain, let us mean it. We believe that ideas such as those I have outlined would be a much fairer way of making savings in the public finances than continuing to target those least able to afford reductions in their income. The savings would also protect front-line public and voluntary services.

There is also a need for a genuine stimulus programme, and we have shown how such a programme would be financed. The Government claims to be in favour of such a programme but has done nothing to deliver on that claim. Indeed, the cumulative impact of the cuts across every sector has had the opposite effect by taking money out of the economy, with the inevitable impact that has had on employment and job creation. Even potentially positive aspects of the Government's own programme, such as the proposal to establish NewERA as a proactive public entity involved in the energy sector, appear to have been put on the shelf. The reason is that the entire thrust of the IMF programme and, indeed, the dominant ideology of this Government - including, increasingly, of its Labour Party Ministers - is opposition to public investment. Sinn Féin, on the other hand, along with many key sectoral groups such as the ICTU, have outlined the need for substantial public investment which would pay massive dividends in terms of job creation and reviving the economy. Particular focus is needed on the sectors in which we already have or could establish an advantage. Agriculture and food is clearly one such sector and so is renewable energy. There has been much talk of the potential here in wind and wave energy. Not only have we the capacity to become self-sufficient in electricity, we could also become exporters of electricity from renewable sources such as wind. We could, but unfortunately this Government seems devoid of any real strategy to ensure this comes to fruition. There is much talk about renewable energy, but it appears the State is content to allow the sector to proceed haphazardly instead of taking the lead in both policy and investment. In the absence of a political strategy, private companies will continue to cherry-pick the projects and ride roughshod over people's rights, and will perpetuate the enrichment of investors while paying buttons to this State and its citizens.

My party will be opposing this Bill as well as campaigning both in the House and in our communities against the budget and other cuts. We will also be putting forward our alternative basis for a real stimulus package of employment and job creation through investing in our indigenous resources, as well as those sectors with most potential to develop. This will help lead us out of the clutches of the IMF and austerity. The Government may claim we are pedalling faster now, but it is against a strong headwind and uphill. The problem is that we are pedalling in the wrong direction.

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