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

In response, NAMA is aiming to deliver a target of 20,000 residential units before the end of 2020. Some 90% of these units will be in the greater Dublin area. About 75% of these units will be houses, mainly starter homes. NAMA will deliver these units by working with developers. Achieving this new target by the end of 2020 means delivering on average 80 new housing units every week across some 100 active sites. The Minister for Public Expenditure and Reform and the Minister for the Environment, Community and Local Government will deal very effectively with the question of social housing. The Minister for Public Expenditure and Reform has allocated €3.8 billion for the provision of social housing across the local authorities. The NAMA commitment will require funding of the order of €4.5 billion, which will all be recovered, and will support 30,000 house building and ancillary jobs based on peak funding. This initiative will not compromise NAMA's debt repayment commitments.

Conclusion

As we look forward and plan for 2016 and the years ahead, the opportunity now exists to build an economy that delivers secure and well-paid jobs, incomes and pensions, world-class infrastructure, high-quality public services and certainty - certainty about the future, no more booms and busts. Every measure in this budget is designed to grow the economy, create additional jobs and increase living standards. When implemented, the measures will deliver real benefits, boost confidence across the country and give families the prospect of a stable future with living standards increasing steadily year by year.

To further increase confidence and to enhance the stability that is so essential to growth and prosperity, I would like to indicate how today's announcement will be further developed if we are returned to Government. As resources become available, we will progressively abolish the USC to reward work and reduce the marginal rate of tax to no more than 50% for all workers to make Ireland more attractive for mobile foreign investment and skills and to ensure that our tax rates are not inhibiting our young emigrants from returning home. Second, we will complete tax equalisation for the self-employed and other measures to support job creators. Third, we will increase public spending within a reformed public service, built on a solid platform of steady economic growth. Fourth, we will promote innovation as a driver of economic growth. Lastly, we will defend our 12.5% corporation tax rate and promote innovation as the linchpin of our jobs policy, underpinned by strong alliances with our European partners.

The budget I have announced today will help to secure the recovery. It will provide stability to families across the country. It will reward work, enterprise and innovation. It will provide the resources for investment in essential public services. It will provide working families with more money in their pockets and high-quality public services. It will give Irish people the certainty of a better future but more important than anything else, it will keep the recovery going. I commend this budget to the House.

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