Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

We are all very much aware of the scale of the crises we face. To put matters in context, we have an emerging crisis in credit provision due to the recent exit of two main banks, as well as the prospect of an estimated €2.2 billion a year of our corporate tax revenues drying up. Moreover, we face the prospect of significant numbers of businesses not returning to work as the stability programme update states that the Government will have no role in propping up firms the business model of which is no longer viable. Ireland's economic growth model, based largely on low corporate tax rates, is now seriously at risk from changes to the international tax regime. This will require a new vision for, and approach to, industrial strategy that will more than likely require greater State intervention and investment within the economy. Given that the European Commission will be reopening its public consultation into the reform of EU fiscal rules, where does the Government stand on this matter?

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