Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

As this is the first time I have had an opportunity to speak in the Thirty-second Dáil, I want to thank the people of Cavan-Monaghan for electing me to this House and for putting their trust in me to serve them once again. While stability programme updates are a relatively new phenomenon, the reality is they are a legacy of the crash. This positive policy measure is designed to keep a closer grasp on our finances and thereby avoid repeating the mistakes of the past. It is about keeping a check on our progress. The stability programme update is also an important element of the new Europe-wide budgetary processes that have become the norm and, in my view, are in the best interests of taxpayers.

As this report outlines, we are expecting economic growth of almost 5% this year. Our economic landscape has changed utterly over the last five or six years. In 2010, before I entered national politics, I worked as a manager in the local credit union in Cootehill. I remember I felt sick to the pit of my stomach the day it was announced that Ireland was entering a bailout and the troika was coming. I was very worried about the fate of this country and the future of young people, the local area and the local town. This worrying and terrible time was filled with huge uncertainty. We can all remember trying to get our heads around the jaw-dropping figures that were mentioned at the time. It was estimated that Ireland needed €85 billion in international loans to keep our hospitals open, our schools running and our public servants paid. It was not much longer than five years ago. We can all remember the harsh cuts that were implemented over a number of years to bring the public finances back under control. Indeed, I am sure we can all remember the speculation that a second bailout would be needed in late 2012. Instead, we successfully exited the bailout at the end of 2013.

We can all remember those difficult years. As we look ahead to what will be a third year of record growth, we must not forget those difficult years or take our renewed economic prosperity for granted. We cannot assume that growth will continue regardless of policy. One of the flaws of the recent general election campaign was that it was based in part on a phoney war about how the main parties and others would spend the spoils of the economic recovery in the years ahead. That argument missed the point that there will be no money if we squander our hard-fought economic progress. I do not want to see the sacrifices of the Irish people squandered and our progress unravelled. Perhaps the most important line in this stability programme update is "While the central scenario for economic activity in Ireland over the next 18 months or so is a reasonably benign one, internationally the level of uncertainty is higher than at any stage since the height of the financial crisis." It is more important than ever, therefore, to continue the approach that has been taken over recent years. This approach is based on sustaining a jobs-led recovery that is underpinned by a focus on enterprise and innovation.

It is important to note that the economic and fiscal forecasts set out in this economic update are prepared on a technical, no policy change basis. Therefore, if we want to achieve the impressive growth rates that have been set out in this document, the economic policies that have been implemented by the outgoing Government must be implemented. Job creation has been and will continue to be a top priority for Fine Gael. Some 138,000 jobs have been created since the Action Plan for Jobs was launched in 2012. It is expected that a further 50,000 jobs will be added to the economy this year. In my own county of Monaghan, for example, unemployment rates have fallen by approximately one third. Young people are returning home and new businesses are opening. The Department of Finance expects employment to move above the 2 million mark this year for the first time since early 2009. Crucially, employment is now more balanced than before, with employment growth across a wide range of sectors rather than an over-reliance on the construction sector. The employment rate is set to average 8.4% and should be close to 8% by the end of the year. Fine Gael will continue its relentless focus on job creation to ensure everyone has a chance to access employment. To date, we have published plans on entrepreneurship, innovation, skills, foreign direct investment strategies and regional plans for each of the eight regions in the country. Most Deputies will agree that we need to continue with this targeted approach if we are to spread job growth in every region throughout the country.

I would like to speak briefly about how the Department of Arts, Heritage and the Gaeltacht has benefited from the economic recovery. When I entered the Department in July 2014, the era of cuts had just come to an end. The arts and heritage sectors suffered considerably during the economic downturn. Budgets were significantly reduced across the Arts Council and other cultural institutions. As a consequence of the turnaround in our public finances, I have been in a position to increase budgets over the last two years. It has also been possible to invest significantly in the centenary commemorations and thereby deliver a broad and extensive programme of inclusive and respectful events right across the country. Most of the money being spent on the commemorations is being used to create at a number of historically important locations a series of permanent reminders, new visitor centres, facilities and immersive attractions which will be used for generations to come. Just yesterday, I attended the launch of the new military archives building at Cathal Brugha Barracks with the President. This magnificent new facility provides a modern home for the military archives for the first time.

We are also investing in our cultural institutions, with ambitious plans for the years ahead. A major €30 million project at the National Gallery is nearing its final phase. Work on an €8 million expansion project at the National Archives will get under way later this year. I am very excited about the planned upgrading works at the National Library beside Leinster House on Kildare Street. I know Deputy Catherine Murphy is very interested in that project. I was delighted to announce last year that we will be investing €10 million in the library's historic building, which has suffered from underinvestment for decades. If economic stability is maintained, I hope further increased investment will be possible at the National Library and out other cultural institutions in the years ahead. I hope the new Government will continue to focus on the film industry as a very important one. The Minister, Deputy Noonan, announced yesterday that the increased cap on the section 481 film tax credit will come into effect from 1 May next. This change will help to attract further big-budget productions to Ireland.

Having a stable and strong economy will allow us to address the challenges we face, not only in my own Department but also in areas like homelessness, housing and health. We cannot create a fair and just society unless we have a strong economy. We have made significant inroads into repairing the public finances. In 2011, the deficit was 12.6% of GDP. This year, it will be 1.1% of GDP. As this stability programme update outlines, we must remain very conscious of the numerous risks and the large degree of uncertainty that exists internationally, including the upcoming referendum in the UK on its membership of the EU. The best way to deal with this uncertainty is to keep our house in order. Just as we are dealing with the new economic landscape that has developed in recent years, we are facing a new political landscape. Our over-riding priority must be to maintain stability. There is an onus on every Member of this Dáil to support policies that will safeguard the economic progress that has been made and spread the fruits of prosperity. Some Deputies are best at shouting about this country's problems. They stir up emotions without providing any solutions. If we do not continue to engage in responsible management of the public finances and pursue competitiveness-oriented policies that help us to compete in an increasingly globalised world economy, we will not be acting in the best interests of the Irish people.

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