Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

I just wanted to inform Deputy Murphy. I know that things like that upset him, but I think it is great. Also, for the record, Mr. Biden has had a very important relationship with Irish America. My brother, who is part of the Irish-American business community in New York, is very proud to have been associated with him as well as Bill Clinton and others. The reason I raise this is that our corporation tax policy sustains the American investment in this country, with something like 155,000 people directly employed day in, day out. It helps to attract and keep industries and American investment companies, such as in the ICT, technology, pharmaceutical and medical appliance businesses. If we did not have that excellent relationship with America and did not keep our tax policy as it is, we would not have a lot of that investment. That is why it is hugely important that this was referred to specifically in the budget and the Minister's speech.

For smaller businesses the waiver on rates is hugely important. Small businesses find it very hard to meet their local tax bills. The commitment in the Bill to reduce the VAT rate is particularly important. We have suffered greatly as a result of this pandemic, particularly the tourist industry, the catering industry and the people who provide significant services and maintain excellent services in our community year in, year out and month in, month out. When they are prevented because of the pandemic from opening their doors, it is hugely important that this tax is reduced. I believe there is pent-up demand in our economy. It is clearly there in the level of savings, which, as I understand it, has never been higher. I refer to people's personal incomes, the banks and so on. That pent-up demand should be released and we will be able to visit our friends and relatives all over the country and spend our money in our hotels and restaurants. That is hugely important and gives an increasing confidence to business, notwithstanding the dark clouds under which they must operate at the moment. It offers them hope and the possibility, and the probability, that when we go back down to level 3 or, please God, even level 2, that we will release that pent-up demand into our economy, that the income that those companies so badly need will return to their coffers and that families' quality of life will return. It is exceedingly difficult on all families, on everybody, that we have these physical restrictions. They have a significant and adverse impact not just on people's bank balances or their capacity to open businesses but also on mental health. There are other social impacts which have to be ameliorated and dealt with.

I welcome what is in this Finance Bill. I welcome the opportunity to talk about it and to listen and learn. If we have learned anything in this country, and if we look at the rest of Europe, where Covid is increasing exponentially, it is that we are at least dealing with the pandemic medically and insofar as human behaviour is concerned. The core and the heart of our society is looking after all those people who have lost their jobs and businesses that cannot operate. At the heart and the very core of this legislation is support for our communities, particularly our business communities now in their time of greatest need. I welcome the Bill. Fágfaidh mé an 31 soicind atá fágtha agam don chéad chainteoir eile.

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