Damien English (Meath West, Fine Gael) | Oireachtas source

I move amendment No. 1:

To delete all words after “Dáil Éireann” and substitute the following:“acknowledges:

— the central role of the self-employed and micro, small and medium sized enterprises (SME) in the jobs recovery, which have generated the majority of the 90,000 extra jobs, with particularly strong performance by enterprises supported by Enterprise Ireland (EI) and the Local Enterprise Offices (LEO); and

— the central role of the Action Plan for Jobs (APJ) process in improving each year the opportunities for SMEs, which sets out actions and is designed to achieve specific impacts in terms of exports, start-ups, access to finance, market penetration, innovation, access to talent, recruitment, and the environment for doing business; and

notes in particular:

— the improvements in the tax environment for SMEs that have been made;

— the new sources of finance that are being made available to SMEs;

— the new focus on start-ups since the launch of Ireland’s first strategy for entrepreneurship:National Policy Statement on Entrepreneurship in Ireland;

— the success of the Pathways to Work strategy, new measures to help SMEs recruit such as JobsPlus and the roll out of a network of Intreo offices that work closely with the new LEOs to improve recruitment by SMEs off the Live Register; and

— that it resolves to continue to engage with SMEs on a systematic basis and to develop policy initiative’s that will assist their growth in the Budget and in the wider policy arena.”

I agree with Deputy McGrath that this is something we should probably discuss more often in the House. I welcome the opportunity to discuss SMEs supports and the work and job creation in which they are involved. In that regard, while I might not agree with everything the Opposition said, I welcome the chance to discuss this. I am only sorry, as are my colleagues, that the Minister, Deputy Bruton, and the Minister of State, Deputy Nash, could not be here. They are both out of the country and the timing has not worked out; it is not anyone's fault.

This is an important issue. Deputy Calleary mentioned the work the committee would do in this area. It must be recognised that great work goes on at the committee. It is cross-party and everyone, including spokespersons, does their bit to contribute to policy changes. When I was a member of the committee I wondered if anyone listened. I realised during my seven or eight months in the Department that people listen, have watched what we do and value our work. I have seen suggestions the committee brought forward over the past couple of years feed through to policy changes and initiatives, which is good to see. I hope during my time as Minister of State that we can do more of that and work more closely together.

There is a recognition in the Department that the committee does great work. I welcome the atmosphere in the committee meetings, as a former Chairman and now as a Minister of State. We need it because businesses need us to work together and not fight over silly stuff. The majority of speeches have been constructive. I will not agree with all of the criticism, but there are some ideas on which we can work and others on which we are already working. If Deputy McGuinness brings forward a policy I will read it line by line. I am sure he and Deputy Calleary will work hard on it. If we can implement some changes or good ideas, we will do so. The Action Plan for Jobs is an open process to which every Deputy and person can contribute.

Since coming into office this Government has had a clear focus on supporting enterprise in Ireland, particularly micro enterprises and SMEs which make up over 99% of businesses in the enterprise economy in Ireland and account for almost 70% of people employed. It is often missed that the majority of our businesses are SMEs. The Government's stated aim is the delivery of 100,000 new jobs by 2016. Recent CSO figures indicate that since the launch of the Action Plan for Jobs in 2012 an extra 90,000 jobs have been created in net terms and we are well on our way to reaching 100,000 extra jobs during this year, a full 18 months ahead of schedule. All of us knew that was an ambitious target. Many said it could not be achieved, but it has been and shows the dedication of people in business in the private sector to job creation when they are encouraged and given policies with which they can work that make it easier to create sustainable, enterprise-driven jobs.

This was the ambition we set ourselves because we were convinced that with the whole of Government working together, and in partnership with industry and workers, we could reverse the collapse that previous policy choices had created. We knew when we started out on the action plan process that the recovery would have to be export-led and that our success would be driven by our ability to compete on the international stage. Every region has seen its jobs numbers increase. Jobs that depend on the domestic sector, like construction and retail, are also now adding numbers. Exports from Enterprise Ireland assisted companies were at record levels in 2014.

The outcome of that conviction, and the policies that underscored it, is that in 2014 both IDA and Enterprise Ireland had record years. Combined, they created a net additional 15,000 jobs which, in turn, support a similar number in support services and related sectors. This is making a real impact all over the country. Notably, Enterprise Ireland, which looks after Irish-owned exporting companies, added over 8,000 of those new jobs. This means that Irish companies are right at the heart of our recovery, working side by side with our international colleagues.

However, the Government's strategy has also placed central importance on Ireland's locally trading businesses, as reflected in action plans in recent years. The most obvious manifestation of this was the launch in 2014 of the nationwide system of local enterprise offices, LEOs, which are embedded in local authorities. The establishment of LEOs means that all categories of business, including sole traders, micro businesses and small and medium sized companies, have access to Government supports and advice. Enterprise boards did great work in the past but were not allowed to work with all types of companies. Not everybody can get grant aid, but there are extra supports for companies that need them.

At the time it was said, and it was mentioned this evening, that it was wrong to put the LEO concept into place and that local authorities were not enterprise-facing but we are trying to change that. Local authorities and many other State bodies had to become enterprise-facing and develop an understanding of enterprise. We are making a difference because all of our Departments are part of the Action Plan for Jobs process. Every Department is getting a feel for jobs and what it is to be enterprise driven. Most important, local authorities are now working with that process. They have to lead the way, through LEOs and under the policy direction of Enterprise Ireland, to change the local environment and make it easier to create jobs. They are working on that and are achieving their goals, but the long-term results will be even better.

I see it in Meath, which has become very enterprise-facing and much more approachable for small, medium, large, international and local companies. I was in Limerick today and saw how city and county councils have become enterprise-facing and are working locally to drive real change and results. I was delighted by what I saw. That happened because there was a change in local structures. The enterprise boards have changed. I have said, and will say again, that there was an opportunity to improve local authorities, which is happening and is a positive change in terms of enterprise and creating jobs.

The restructuring means that people thinking of starting or expanding a business in any part of the country can access the full range of State supports provided by different Government bodies, for example, local authorities, Enterprise Ireland, Revenue, the Department of Social Protection, the Credit Review Office and training bodies, in one easily accessible location within the local authority. The annual results for LEOs, published just last week, show that at the end of 2014 total direct employment among the 6,058 LEO client companies stood at 31,326. The results also show that a total of 7,305 new jobs were created during 2014, in gross terms, and taking into account losses, a net increase of 4,012, or 14%, in the numbers of people at work in these enterprises. The policy changes are working and delivering.

These results show that the new system is performing extremely well, with over 4,000 extra jobs in supported companies in 2014 and job growth in every county. The LEOs will continue to be a crucial part of our plans to deliver sustainable full employment and to accelerate job growth in every region of the country.

The Action Plan for Jobs will again be the Government's main focus for delivering for the SME community, and it has the needs of small business at its core. The objectives and actions set out in the plan are designed to have specific impacts in terms of jobs, exports and start-ups, access to finance, market penetration, innovation, access to talent, and efficiency of public sector interaction with business.

The Action Plan for Jobs is a whole-of-government initiative under which all Departments and agencies work together to deliver on the agreed action points for each year. The whole-of-government approach is key. Every Department has a role and over 60 agencies have to be involved and do their bit. In the past, that did not happen. As has been said here, many Departments did not really understand the needs of businesses and how difficult conditions can be. The majority of businesspeople do not get easy money and work very hard for what they get in order to survive. It is important that this message is received in every Department. Most Departments recognise that now and realise they must, where they can, make it easier for businesses to survive and thrive.

Since the Action Plan for Jobs process was started in early 2012, almost 1,000 individual actions have been implemented by 16 Departments and dozens of State agencies to support job creation. In late January, the Government launched the Action Plan for Jobs 2015, the fourth annual plan in a multi-year process. It details 382 actions that will be taken by 16 Departments and over 60 State agencies that will support job creation. The process is about making it easier for enterprises to create jobs, grow, survive and scale up. This was not always possible because we were not really enterprise driven; we were thinking of construction and selling houses to one another. As the Minister, Deputy Richard Bruton, has said on many occasions, we do not get rich as a nation by selling houses to one another but by exporting and trading with other nations. That is what we are trying to concentrate on and it is why we are seeing success.

Some of the actions in the plan are quite simple and basic. Others are quite constructive and new but even the basics must be done. We recognised on entering office that the basics were not put in place to make it easy to start or run a company or small business. We are trying to make it easier as we go along. While there are more improvements to be made, the process is constantly evolving. New actions can be submitted by any Deputy. If they are worthwhile, we will take them on board. It does not matter who submits them. If they are good for business, they will fit into the plan. The Government is taking a range of further measures, including the development of regional action plans, to ensure economic recovery and job creation are spread right across the country and that all regions can achieve their potential.

Among the headline measures to be delivered in 2015 through the Action Plan for Jobs are regional enterprise strategies, to be rolled out shortly across the country, including competitive funding initiatives worth up to €250 million, aimed at encouraging stakeholders in each region to co-operate and develop projects to support enterprise and job creation in their area. This is to encourage a regional approach. We can benefit by having counties working together. Another measure concerns entrepreneurship, with new measures to deliver on ambitious targets for job creation by start-ups, including a new SURE tax incentive to provide funding for people starting businesses and a start-up Gathering, to be held in Ireland during 2015. There is to be increased focus on job creation in the domestic economy, including measures to support the retail, construction and agriculture sectors. Awareness is important. There is a need to promote increased awareness among businesses of Government supports available to help them through a campaign centred around and other initiatives. Deputy Calleary referred to using the Revenue Commissioners. I totally agree and have said the same myself. We are actually examining the proposal in the Department. One of the first meetings I was at as a Minister of State involved my bringing to the table what we had discussed at a committee meeting, namely, the concept of Revenue sending messages to businesses regularly. Every week we get a little message from the HSE, the message of the week. That is an approach we could use to get the message out. We are taking on board the use of Revenue and trying to determine how we could implement the proposal. The Deputy is correct that most people in business are swamped with information and are so busy trying to get the job done that they might miss the opportunity to avail of a support that might suit them. We have tried to target them. The Deputy’s idea has been talked about. It is good and is certainly one we will work on.

This year's action plan continues to focus on competitiveness and places renewed emphasis on encouraging new start-ups and growing companies of scale. It also introduces new approaches to deliver on balanced regional development. One of the core ambitions for the Action Plan for Jobs is to stimulate the domestic economy and generate employment in the locally traded sector and to build an indigenous engine of growth that drives up the export market share of Irish companies. Whether operating in agrifood, retail, tourism or construction, these important firms will be supported over the next 12 months in a variety of ways, including direct investment, support to begin trading online, focus on attracting greater numbers of overseas visitors, and ongoing implementation of the Food Harvest 2020 strategy.

The National Policy Statement on Entrepreneurship in Ireland was launched in October 2014 and is the culmination of work carried out since May 2013. The statement represents the first time a Government has published a comprehensive national strategy for entrepreneurship. It is an important strategy and it is important that the Government recognise it. I am glad it is being supported by all parties.

The key target contained in the plan is to double the jobs impact of start-ups in Ireland over the next five years, from 93,000 currently. In order to deliver on this, we must increase the number of start-ups by 25%, representing 3,000 more per annum; increase the survival rate in the first five years by 25%, which will result in 1,800 more survivors per annum; and improve the capacity of start-ups to grow to scale by 25%. It is a question of starting, surviving and scaling up. That is what we are about in the plan and strategy.

In Ireland, we have great entrepreneurs but, as the Minister has said, we just do not have enough of them. We all agree on that. There is an onus on us all to do what we can to increase the number and improve the culture that fosters entrepreneurship. Given that two thirds of all new jobs come from start-ups, it is crucial that we examine our policies across government to ensure they are aligned with our ambitions in this area. While some of the recommendations need input from the business sector, there is much that the Government can do to incentivise, support and promote, and to encourage more people to start businesses. That is what the policy statement will deliver. Tomorrow, we will attend the student enterprise awards and see more of the entrepreneurial culture. There are over 16,000 people involved. The initiative has been a feature for a number of years. It is a really positive development for the country and will certainly contribute to entrepreneurship in the future.

This policy statement sets out the Government's strategic objectives as a facilitator within the Irish entrepreneurship ecosystem in key areas that impact on entrepreneurs and start-ups and it signposts the direction policy will take in the coming years.

The Government has brought renewed focus to access to finance and, more recently, finance for growth for our scaling SMEs. The onset of the international financial crisis and the problems with our national banking system have created a tough financing environment for our SMEs. No one is denying that; we all recognise it. The culture has improved but we constantly want to improve further. The Government is aware that our SMEs have traditionally tended to be overly reliant on banks and bank loans. Through the annual Action Plan for Jobs process, we have driven a range of policy initiatives and new programmes to support SMEs accessing finance from both bank and non-bank sources. The enterprise committee has done a lot of work on that issue and has made some good suggestions that have been implemented to try to widen the range of non-bank sources. Over 90% of SMEs are dependent on traditional banking methods. That is not a balance we wish to continue with and we must rebalance as we go along.

This annual process is supported by a cross-Government and agency SME State bodies group, which brings together all the relevant State officials who work together to deliver on this crucial agenda for our SMEs. The policy initiatives and new programmes include the establishment of the Strategic Banking Corporation of Ireland, providing up to €800 million in funds for SMEs; the development of an innovative tool for supporting SMEs online to provide an individual with details of and a contact point for all the possible Government business supports available; the launch in 2012 of the microenterprise loan fund, which is run by Microfinance Ireland; and, more important, the review of the microenterprise loan fund, with new changes to be launched in 2015, including the removal of the requirement for a bank refusal. Other initiatives include the launch of the credit guarantee scheme in 2012, with Bank of Ireland, AIB and Ulster Bank as participating lenders; and the review of the credit guarantee scheme, with a new credit guarantee scheme 2015 to deal with refinancing where banks are exiting the Irish SME lending market and extending the maximum length of the guarantee from three to seven years. With regard to the latter, work on further changes to the primary legislation is well advanced and this will broaden the range of products that can be guaranteed and broaden the providers beyond licensed banks, in addition to increasing the level of the guarantee. Any other changes to the scheme would require analysis to ensure a market failure was being met and would have to be scrutinised from both State aid and legal perspectives. Further initiatives involve improvements to the offering of the Credit Review Office, which saw its limit increase to €3 million, and the transition of the National Pensions Reserve Fund to the Irish Strategic Investment Fund. This will help with scale, in respect of which it will be key. There is expertise to ensure the money is spent wisely in the domestic market, and this can lead to major job creation. Yet more initiatives are the rolling out of the national information campaign on late payments and the prompt payment code of conduct portal, and the commitment by Enterprise Ireland of €99.5 million to a number of funds under the seed and venture capital scheme for the period 2013 to 2018, which aims to leverage an additional €300 million from the private sector, making over €500 million in funding available to SMEs.

With regard to the current position on bank lending, the Department of Finance, through its SME credit demand survey, has reported that 86% of businesses surveyed had their credit applications approved. With regard to the cost of credit, this survey showed that only 1% of businesses that did not request credit felt it was too expensive to borrow.

We all hear stories about the cost of credit here compared to the cost in our European partners and we are constantly working on it. Notwithstanding this, the Government, through the Strategic Banking Corporation of Ireland, SBCI, is taking action on the cost of borrowing for business. Its business model is based primarily on the on-lending model that has been operating successfully in countries such as Germany and Spain. SBCI is a wholesale funder which works with various on-lenders to minimise the overhead expense of the operation and leverage the existing networks and capabilities of on-lenders for the benefit of SMEs. SBCI will ensure access to flexible funding for Irish SMEs by facilitating the provision of flexible products with longer maturity and capital repayment flexibility subject to credit approval; lower cost funding to financial institutions which is, and must be, passed on to SMEs; and market access for new entrants to the SME lending market, creating real competition. SBCI has begun delivering products through Bank of Ireland and AIB.

A fair, efficient and competitive tax system is essential for economic growth and job creation, and in each budget the Government has introduced we have worked to improve the economic situation for business and people in Ireland. I will highlight some of relevant tax initiatives the Government has taken. The tax changes for workers introduced in budget 2015 equally benefit all those who pay income tax and or universal social charge, regardless of whether they are self-employed or PAYE workers. Significant improvements have been made to the employment and investment incentive, increasing the amounts of investments raised by small and medium-sized companies under the incentive, which provides an essential alternative source of funding for SMEs. This is an attempt to simplify the process and make it easier. We will shortly launch the start-up refund for entrepreneurs initiative whereby those interested in starting a new company may qualify for a tax refund on income tax paid in previous years to invest in the new company. This simplifies a measure which existed previously, but not everyone knew how to use it. We are trying to make it easier for businesses to access support systems. This is also the case with the JobsPlus scheme which has been discussed at various meetings. We are trying to simplify the supports to create jobs in businesses.

The start your own business initiative was introduced in budget 2014. Budget 2014 increased the cash receipts basis threshold for VAT to €2 million. Given the importance of the tourism sector to the Irish economy and the crucial roles tourism-related services play throughout the country, the 2011 jobs initiative introduced a 9% VAT rate, which has proved hugely successful. It has been very beneficial and has certainly led to major job creation. To assist the construction sector we introduced the home renovation incentive in budget 2014, which has brought great benefit to people in their homes and has helped those working in local companies access work and get back into the system. Of course the Government will consider addressing the historical disparities that remain in the tax system between self-assessed and PAYE workers, particularly those at lower levels of equivalent income, as part of our deliberations for budget 2016 subject, of course, to having the required fiscal space.

Social protection plays a crucial role in the functioning of our economy and in supporting our SMEs and our people. As well as our Action Plan for Jobs, the Government's Pathways to Work strategy has certainly been a success. It is designed to reduce the numbers on the live register and ensure people are not left behind. Previous recoveries left the long-term unemployed behind and they never got a chance to catch up. The logic behind Pathways to Work is to ensure people are job ready and as close to work as they can possibly be, so when jobs become available they are able to get them and do not miss out on an opportunity. I do not blame anybody, but in the past people got left behind. This cannot and will not happen this time. SMEs are being encouraged to recruit using measures such as JobsPlus, which is a simplified cash support for a business to employ somebody on the live register. It is quite simple and certainly reduces the cost in the early years of employing somebody and helps deal with training. Intreo offices work closely with the local enterprise offices to improve recruitment off the live register by SMEs. Not enough companies have engaged with Intreo offices, but those which have used the service are very complimentary of it. The Intreo offices exist to find talent on the live register and this is what they do. They are doing a good job and we need to encourage their use and get the word out.

In terms of raising awareness and communications, the Department of Social Protection undertakes advertising and awareness activities to ensure that all members of the public are made aware of their rights and entitlements and that they are kept informed of significant changes and improvements in schemes and services as they occur. We need to get the message out there louder and clearer to businesses. Information on the full range of social welfare schemes and services is available from the Department of Social Protection, Intreo offices, the local office network and the nationwide network of citizen information centres. In addition, many people access information on the websites of the Department of Social Protection and the Citizen Information Board. We need to get the message out to businesses about the many supports which can help their staff and the businesses to create jobs and win new jobs.

In September 2013, the Tánaiste and Minister for Social Protection published the third report of the advisory group on tax and social welfare on extending social insurance coverage for the self-employed. The group was asked to examine and report on the issues involved in extending social insurance coverage for self-employed people to establish whether such cover is technically feasible and financially sustainable, with the requirement that any proposals for change must be cost neutral. This is an issue which many Deputies of all parties have raised for a number of years. We all want to see such supports increased if it is financially viable to do so. It has been examined in the report. The group found that the current system of means-tested jobseeker's allowance payments adequately provides cover to self-employed people for the risks associated with unemployment. In this context, the group noted that almost nine out of every ten self-employed people who claimed the means-tested jobseeker's allowance during the three-year period from 2009 to 2011 received payment. This message can be lost. Many business people do not realise they are entitled to claim the allowance. I know it is not a nice system to go through and the amount may not reflect the amount of money they had earned and I accept many people choose not to go through the means-tested system. The independent report shows those who did go down that route received the support. Consequently, the group was not convinced there was a need for the extension of social insurance for the self-employed to provide cover for jobseeker's benefit. The group found that extending social insurance for the self-employed was warranted in cases related to long-term sickness or injuries, which possibly reflects many of the messages we receive about people being unable to keep their businesses going after an accident. To this end, the group recommended that class S benefits should be extended to provide cover for people who are permanently incapable of work, because of a long-term illness or incapacity, through the invalidity pension and the partial capacity benefit schemes. The group further recommended that the extension of social insurance in this regard should be on a compulsory basis and that the rate of contribution for class S should be increased by at least 1.5%.

In general the current system of social insurance operates on a mandatory basis and therefore contributors pay PRSI contributions at the rate appropriate to their PRSI class. Allowing people a facility to opt in or opt out at their own discretion could lead to the selection of bad risks. The whole principle of social insurance is social solidarity, whereby everybody pays in and, if needed, cover is available. We must ensure there is a safety net and that those who choose to go into business realise it is there. We must all work on making this clear. Most business people who suffered during the bad times were shocked to realise they could not receive supports when they needed them. We must get the message out that they can go through the means test system. There is an onus on all of us to improve the system if we can do so.

In developing the Action Plan for Jobs 2015 we have embedded an assessment framework that links its objectives and actions to impacts, and which provides a better sense of the direction of progress and helps ensure that actions effectively contribute to the over-arching objective of increased employment. We are introducing closer monitoring of impacts to measure performance and to test areas of opportunity against international benchmarks in the areas of job creation, start-ups, market penetration, innovation, efficiency of public sector interface with enterprises, cost competitiveness, finance and investment and access to talent. In addition to work under the Action Plan for Jobs and measures contained in the budgetary process, the Government has ensured that ongoing dialogue with the small business sector is in place so that businesses and Government can work together to identify necessary actions to support SMEs in Ireland.

Raising awareness among SMEs and entrepreneurs of the range of the State-funded supports available remains an ongoing challenge for the public policy system. I touched on this earlier as did previous speakers. We must improve this message and get the word out. We will ensure a continued emphasis on implementing a comprehensive and integrated communications strategy involving the widest possible range of stakeholders in the public and private sectors. This will include facilitating more formal mechanisms for structured, ongoing engagement between Government and SMEs, including the advisory group on small business, the high level group on better regulation and the retail forum. These are opportunities to bring about change, as is the committee system which is the best place for us to work on policy and analysis and make changes. We must strengthen this link. We are also using new and existing communication channels to promote the positive experience of individual SMEs and industry partners of participation in State-sponsored initiatives, notably the network of 31 local enterprise offices.

Maintaining an ongoing dialogue with the SME sector in this way can also encourage two-way learning, provide a forum to consider policy solutions, and build trust in the policy development process.

An earlier speaker referred to urgency. We have a duty, through agencies and Departments, to move at a greater pace when matters are urgent. Industry sometimes needs quicker changes. Over the years we have done so in the Action Plan for Jobs. In some cases, we have taken Government agencies and Departments out of the way and let people do what they do best. We are also trying to cut red tape and improve the timeline. There is always a difference in the timelines of businesses and Departments. We accept that and there are sometimes genuine reasons for it. Where there are no genuine reasons, we must eliminate delays.

Last month marked four years since the Government came to office. It is important that we take a moment to recognise where we started from as a Government. At that time, we faced an unprecedented economic, political and social crisis, the economy was in free fall and our banks were on the verge of collapse. Unemployment was heading for 20%. Everyone was saying so at the time. The first time we referred to 100,000 jobs, people laughed at us and said we could not achieve it and that it could not be done. It was Government-aided, but the private sector answered the call and engaged with us through the new system of the Action Plan for Jobs to create jobs. Almost all of the extra jobs that have been created are full time and they are real jobs. It is important that people have a little hope. I get disappointed when Deputies from different parties suggest that these are not real jobs. They are real jobs and Members should recognise that. I recognise there are not enough jobs for everyone, but where there are real and good jobs, we should build on the success and the hope factor and not knock it. They are not all labour activation schemes. There is little difference between the number of labour activation schemes now and those in the good times. These are real jobs and we should recognise that. We can all recognise things we are unhappy with and the need to scale up, but we should also recognise where there are improvements that are beneficial to the country and that we want to build on. We are well ahead of the target and we are trying to build on it. We hope to reach full employment in 2018.

The economy is growing, unemployment is falling and the confidence of our people and businesses is returning. Our focus now as a Government is to secure the recovery and ensure that everyone feels the benefits of it in their daily lives and in their pockets. We will ensure that our economy is built on a solid foundation of sustainability, with a clear enterprise focus that supports enterprise and jobs. That is the difference, as the clear enterprise focus to support enterprise and jobs was not there in the past. Enterprise-driven jobs that would last forever were not guaranteed. When there was an international crisis, it hit us badly in Ireland because we had not created enough enterprise-driven jobs that would last through good and bad times.

As a Government, we will continue to maintain our focus on assisting SMEs in establishing themselves, scaling up and exporting in order to ensure that they continue to drive our economic recovery and create further jobs. We will continue to work hard to secure the recovery and ensure that the fruits of our efforts are felt by all of our people. We have set ourselves strong and measurable goals for our economy, for employment and for the public finances for the years ahead and we are implementing the policies that will achieve those targets.

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