Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

First, we should not understate the significance of the State committing to a capital investment programme of more than €9 billion at a time when we are forecasting a deficit in the current year of somewhere in the region of €25 billion to €30 billion. Ten years ago, in very different times and when different circumstances applied, capital expenditure was slashed by some 60%. What we are doing now is in marked contrast to what happened in the past. We are going to maintain, and have the ambition to increase, capital investment.

The within-year increase in capital expenditure this year was for exceptional measures. These include the measures in the July stimulus programme, under which some €500 million was added. There is approximately €900 million extra in the Department of Business, Enterprise and Innovation Vote, much of it to do with the enterprise grants, restart grants and so on which were brought forward as an exceptional measure this year. The Deputy should reserve final judgment until she sees the actual allocation on budget day. On a no-policy-change basis, we are saying that it is €9.1 billion. That does not mean things are set in stone with regard to budget day.

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