Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The figures we were working on were predicated on a net fiscal space of €1.2 billion next year. We now know that €172 million of that has already been used up as a result of the tax carryover and €0.5 billion has been used up as a result of the expenditure carryover. This leaves a net fiscal space for next years' budget of €530 million, before there is any downward revision with regard to net fiscal space. We already see - it has been referred to by me and Deputy Michael McGrath on a number of occasions - that the starting exchange rate used in the calculations was 81 cent to one pound sterling in 2016 and 85 cent for the years 2017-21. The exchange rate today is at 88 cent. It is likely to stay at late 80 cent to 90 cent right through. It seems that this is now a structural change rather than a cyclical fluctuation by the British. There appears to be downward pressures. If Ireland has a fiscal space of only €530 million available next year, and that figure could be revised downwards, then the State is in for a serious shock. We have public sector unions threatening to go on strike for fair wages, we have-----

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