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

The calculation of fiscal space is complex and there are many moving parts. Sometimes they move positively and sometimes they move negatively. We have put in place a reasoned calculation of fiscal space which was published at the time of the summer economic statement and revision was published again at budget time. We will continue with the practice. It is not possible to have a recalculation of the fiscal space because the British have had a referendum. It is not possible to recalculate fiscal space because Mr. Trump has been elected President. It is not possible to have a recalculation of fiscal space every time the exchange rate with sterling varies up or down. Deputy Doherty is right in his assumption that the risk is currently downwards, but it is not possible for anybody at the present time to do the calculation by means of simple arithmetic because there are too many moving parts. Sinn Féin has the solution in its own draft budget for increasing the fiscal space, which is to increase taxes.

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