Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I am delighted to share my thoughts on the budget but in five minutes it is difficult to cover the full depth of the various areas of life that this budget will impact on. I will, therefore, try to limit my remarks to three issues of particular interest not just in my own constituency of Dublin Rathdown but also in areas where I have worked and in the committees on which I serve.

I look forward to speaking further on the finance Bill, the social welfare Bill and during the Estimates process in due course.

Something I immediately took away from the budget when I went through the documents as the two Ministers took to their feet the other day is the widening of the tax bands. This is the absolute definition of ensuring better levels of equability through our society, by ensuring people will be able to keep more of their own money in their pocket. The fact that people will be in a position to earn more before they pay income tax in the first place and before they go onto the higher rate is a progressive move. We are classed as having the most progressive taxation system in Europe. However, we also have the lowest threshold for people paying the highest tax and, therefore, increasing that and giving that incentive is important. That will be particularly true as we look to lure more people back to the labour market and harness every attribute of what is predicted to be a fast-growing economy in the calendar month ahead.

The second area I wish to raise is the public expenditure side of the budget and the Brexit supports. We are fortunate in this member state to have received the largest amount of the Brexit Adjustment Reserve fund announced by the European Commission earlier in the year. In excess of €1 billion will be allocated to this State to address those sectors of the economy that are most acutely exposed to the truly awful impacts of Brexit. There is no such thing as a good Brexit. However, there are opportunities for many in our society and there are also challenges that need to be addressed. That is why I welcome the announcement by the Minister for Public Expenditure and Reform that more than €500 million of that fund will be spent this year in areas that are acutely exposed throughout our economy. It does not matter if these issues affect individuals directly in someone's constituency, regardless of what part of the country someone comes from. They impact on us all and we have to continue to use that fund smartly to look for those opportunities, be they in the higher education sector, financial services or the smart technology sector where we can lure investment into this economy. That might come from the UK but we should also consider alternative markets in continental Europe or beyond in the wider world, where existing EU trade deals give us great opportunities. That potential for newer, more skilled and more highly-paid jobs are what will drive this economy. Although I am a Dublin Deputy, we need to make sure there is a regional balance in the allocation of those funds. Parts of the country are simply more acutely exposed by Brexit, particularly the Border region where my family hails from originally. That is where the supports need to be driven into, to make sure those areas can reach out and have all those opportunities, in as wide a way as possible.

I will again touch on the public expenditure side of the budget, and the moneys allocated to the shared island fund. The Taoiseach announced at the outset of the formation of this Government that €500 million would be provided for the shared island fund and within that, €50 million will be spent in 2022. This is a crucial investment in the future of our entire nation, not just this State and not just the status quo, because we need to get people north and south of the Border engaging at every level. Never mind politicians like us; the more we get businesspeople, students and ordinary members of society, particularly those in the younger demographic who have known nothing but the post-Good Friday Agreement era, meeting each other, hopefully in person now as restrictions continue to lift and at every opportunity, the more we will break down the existing border that is on this island. We talk about an open Border and about it being seamless compared to what was there before but there is still a massive emotional and psychological border, unfortunately. Too many people in our State do not go up to the North for their holidays, do not go to sports matches, do not do business North and South and teenagers have never met people of their own age working in the same area.

I greatly welcome the statements of the Ministers the other day and that of the Minister of State, Deputy Noonan, here this afternoon. This is a good budget, a responsible budget and a sensible budget that has been put forward by a Government that wants to make life easier for every person in this society.

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