Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I cannot see it being pursued now. It would require unanimity from around the table. The reflection of other countries on the progress made by Ireland, being the fastest growing economy for the past two years with our deficit to be wiped out by 2017-2018 and our debt falling towards European norms, puts us in a very different position from where we were only a few years ago.

Deputy Boyd Barrett asked about the fiscal space. That is the sum of money that is available up to 2021. It is the amount of money the Department of Finance estimates will be available for expenditure increases and tax reductions in each budget. That is based, as Deputy Boyd Barrett will be aware, on an assessment of Ireland's compliance with the benchmarks that have been set for expenditure. It is a very important figure because, in the absence of measures to offset this, expenditure and tax commitments must be accommodated within the available fiscal space.

At budget time, the Department of Finance estimated that there would be gross fiscal space over the next five budgets of €10.9 billion. In addition, the Department set out that if a decision is taken not to index the tax system, as was the case in 2016, an additional €2 billion in fiscal space would be available. That means that if one introduces a tax and raises money from it, one is entitled to spend that money. If the tax system is not indexed, that is counted, if one likes, as a tax which amounts to approximately €2 billion.

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