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

I appreciate the opportunity to contribute to this important motion. I thank the Minister of State, Deputy Fleming, for his introductory remarks. I appreciate the contributions of all Deputies opposite, as we repeat a discussion that was held 12 months ago. At the time, I stated my concern that while this is an understandable move, it is a disappointing one because I fundamentally believe the creation of the rainy day fund was sensible even though we did not get the full chance to see the worth of it before, unfortunately, that rainy day fund was drawn down. We have seen how important it was to have.

When initially this was thought up, the main threat envisaged was a no-deal Brexit and the impact that would have on our economy. No one would have dreamed back in 2018 of the impact of a once-in-a-century global pandemic the likes of which we are still living with. If we look at the response to that global pandemic, what has been achieved and what has been put in place over the past 18 months, it is testament to the sound financial footing that the State was in. We see the co-ordinated efforts between European Union member states to realise new capital through the formation of eurobonds to pool together in order to procure vaccines at the best possible price was downright good decent sense about economic planning. We look at the State's commitment to tackling the Covid response and the fact it was able to draw on various financial tools and the sound economic footing the State's coffers had been brought back into. It is something for which the Government, and particularly the Minister, Deputy Donohoe, who cannot be here with us, deserves credit.

With regard to the preparation for Brexit and the response that we have seen on a domestic level in preparing for Brexit in terms of investing and diversifying, and the collective European Union approach in the Brexit adjustment reserve fund of which Ireland has achieved the lion's share, there are practical implications for this. We see one of those practical implications today, of all days, with €70 million announced by the Tánaiste and Minister for Enterprise, Trade and Employment, Deputy Varadkar, and the Minister for Agriculture, Food and the Marine, Deputy McConalogue, directly for the agrifood sector to allow our producers to diversify in markets. I remember, way back when, talking about Brexit debates. We realised that 86% of our cheddar cheese exports were going to Great Britain and how that simply would not be sustainable if we were trading less and less with the British economy. That is why we are seeing this diversification announced today and are seeing it being realised. Government talked about it but Government actually backed-up and is providing the supports for industry to make sure industry can continue to produce high-quality diversified goods for new markets. We are looking at new markets within, but also through, the European Union.

I suppose we have to remember that Brexit, despite the assertions of the current British Prime Minister, is not done. Brexit is not done based on one treaty. Brexit is not done based on one Act. Brexit and its ramifications will be with us for at least a generation. We see, even this week, how that continues to play out.

Much like Brexit is far from done, and it will be with us for many years to come, we understand that the Covid pandemic is far from over. That is not only based on rising infection rates or the pressures on our public health system. If we look at the impact on the economy, so many areas of the economy and, indeed, society simply have not got back to where they want to be. They will not necessarily get back to where they were before and perhaps they can go to a better model. The supports that have been provided for by this Government working with stakeholders and with European Union partners have been so important in keeping those aspects of the economy and society going and ensuring that businesses were able to reopen and get back into the workplace in due course. When discussing this fund and the motion it is important to state that we look to the future. I am heartened by the Minister of State, Deputy Fleming's comments in relation to the overall budgetary and financial outlook for the Irish economy in the coming months and, indeed, years. It apes many of the statements that were made by the Ministers, Deputies Donohoe and Michael McGrath, when we debated the budget last week.

When we are talking about the potential and likely economic growth of the State, it is important we state that although no funds are being put into the so-called rainy day fund by way of this motion, we maintain the option to do that going forward and maintain the commitment that we will work back up the rainy day fund because, despite assertions of others opposite, this is not some sort of image. This is real money that had a real impact on so many lives. This is real money that is needed. It is simply good management. Any household always has a reserve. It is no different with an economy or a society. It is the responsibility of every legislator in this House to make sure that we have a rainy day fund and that when circumstances allow it the appropriate funds are put into this account because it is raining at present and it will be raining again.

Having this sort of sensible economic outlook will underline everything that can be done in every sector of life. It does not take away from capital or current expenditure on the maintenance of our economy and the betterment of society. This is something that provides that guarantee or level of insurance that all of us deem so important. That is why it is not good enough to say that we are deferring payment and bringing this motion to the House, following it being passed by the Cabinet.

We need to hear the commitment in the Minister of State's summing up remarks that the Government will build the rainy day fund back up and prepare for future eventualities.

See this speech in context