Brendan Howlin (Wexford, Labour) | Oireachtas source

Today we are announcing this Government’s fifth budget.

I am pleased to report that, due to our strong recovery and stable public finances, it is the second budget in succession in which we are able to increase support for our public services.

The days of spending cuts are behind us. In April, in the spring economic statement, I said that there may be up to €750 million available next year for additional public expenditure measures. I am happy to say today that we are now in a position to allocate that money.

It is worth remembering the distance we have travelled since 2011. When the Government was elected, the budget deficit stood at 12.5% of GDP. This year it will be 2.1%. In 2010, the year of the infamous promissory notes, the headline deficit rate stood at 30%, a staggering deficit.

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