Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The €700 million that according to this statement is available for additional expenditure in the coming budget is just not enough. The issue of the likely cost overruns in health has been pointed out. The Minister has questions to answer. The Christmas bonus was raised by Mr. Colm McCarthy at the Committee on Budgetary Oversight. We must also consider the possibility of a hard Brexit and the costs that could impose, the volatility of the corporation tax receipts and possible downturns. Those are all uncertainties.

Whether we have a hard Brexit or any of these difficulties materialise, there are many areas where we need dramatic increases in investment and spending. Affordable housing and council housing are most obvious area. We are not doing enough. The Construction Industry Federation told the committee that the private sector will not meet the output targets the Government hopes it will hit, and the situation in public and affordable housing is just dire. The leakage of wastewater into Dublin Bay is another example of a creaking water infrastructure that needs dramatic increases in investment. If climate change targets are to be met and congestion dealt with, a dramatic increase in investment in public transport is needed to reduce fares, improve the quality of public transport and start new projects. We have a serious problem with childcare. We need to invest to provide affordable childcare on a greatly expanded basis.

In the area of education, we need many more apprentices. That means investment in that area. The financial obstacles facing people going into apprenticeships and higher education must be removed. Particularly given our skills and labour shortages, any possible additional labour force participation needs to be activated. That means investment in areas such as education, apprenticeships, childcare and so on. Then there is the need for climate action and a range of areas where we need significantly increased investment and spending. Moreover, wage demands from health workers and others who have suffered pay restraint and pay cuts for the best part of a decade are legitimate and justified. We need to find money for everything.

Unlike other people, we are not hypocritical. We do not call for fiscal rectitude on one hand and lots of extra expenditure on the other, nor do we believe that extra investment and expenditure should be financed through additional borrowing. That is a dangerous game. We should not worsen the poor debt position. As the Minister will be aware, our question to him is why he does not look at other potential sources of revenue. The elephant in the room is now being discussed even in the United States, and by some very unlikely people. Some of the richest people in the US are talking about wealth taxes. Why do we not look at those taxing that revenue as a source of wealth? Employers' pay-related social insurance, PRSI, is at one of the lowest rates anywhere in Europe. We could tax financial transactions. Dr. Stephen Kinsella was before our committee earlier. He said that the financial flows in and out of this country are astonishing. They are way out of proportion to an economy this size. The State should have a financial transactions tax, which could generate lots of revenue. The myriad tax loopholes that benefit property speculators and big multinationals should be examined. Why does the Government not look at redirecting some of those resources into key areas where investment is needed such as infrastructure, services and strategic industry? We need a more sustainable and diversified economy. The best buffer against uncertainties is not to have an economy that is so vulnerable to a small number of corporations and a couple of sectors. Why not look at those options? We need investment and money for services, but the Government never ever considers taxing wealth and profits, which have increased exponentially.

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