Alan Farrell (Dublin Fingal, Fine Gael) | Oireachtas source

This is a welcome opportunity to address yesterday's budget, as announced by the Ministers for Finance and for Public Expenditure and Reform in the Convention Centre. It includes a significant level of investment in our economy and our people. This record level of investment is a statement of confidence in our people and our economy that we will be able to weather this storm and return to economic growth in the years ahead.

Our country finds itself in a unique position whereby we are faced with two major threats to our economy and way of life. Both Covid-19 and Brexit have the potential to dramatically change the economic landscape. It is vital, therefore, that we act prudently to ensure a stable economic situation can take root through our domestic policies. The risk of a no-deal Brexit has increased in recent weeks and this uncertainty, combined with the pandemic, justifies the level of spending outlined yesterday. Putting in place the necessary funding and supports now may mean the difference between survival and closure for many businesses in the post-Brexit and post-Covid years. The budget has developed a wide range of supports that will make a major difference to a variety of sectors across the island. While we have borrowed heavily to afford such supports, to not do so would be to disarm the State when we need all the tools in our arsenal. We must ensure we put livelihoods and work to the forefront of economic decisions and of course, prioritise capital expenditure, which was unfortunately not possible nor the case a decade ago.

The budget also sets out and delivers on ambitious targets the Oireachtas has set, which will make tangible changes to the lives of people right across the island. In such a climate, where no sector, business or life is untouched by the changing reality of our time, vast pressure is put on resources by different groups, some with louder voices than others. I am, therefore, particularly pleased with the significant commitment given to education, and I note the presence of the Minister of State with responsibility for special education, Deputy Madigan, in the Chamber. Almost 1,000 extra SNAs and several hundred special education teachers will not only reduce our pupil-teacher ratio but also develop supports for children for many years to come. I commend both the Minister of State, Deputy Madigan, and the Minister, Deputy Foley, on their work in ensuring that came to fruition.

Likewise, the Government has made an unambiguous commitment to businesses on this island. The budget ensures that where businesses are forced to close or experience financial difficulty, we will limit the number of closures and job losses. The reduction of the VAT rate to 9% for the hospitality and tourism sector is a positive step in the right direction and I believe it will sustain a sufficient number of jobs in the coming year, while also encouraging consumers to step out, stay local and shop local. I am thinking in particular of Christmas shopping, which may not be possible for an awful lot of citizens because they might be restricting their movements. I would encourage that initiative. In my own constituency of Fingal, the VAT change will have a significant impact because there is a significant tourism and hospitality sector there. The chamber of commerce has welcomed this and other steps the Government has taken.

We have overcome major challenges in the past, and I believe we will overcome this and any future challenges that might present in the years to come. The determination of the Government, and indeed, this House, to negate these risks is only surpassed by the ability of our citizens to defeat them.

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