Cormac Devlin (Dún Laoghaire, Fianna Fail) | Oireachtas source

I welcome this initiative by the Government to tackle the skyrocketing rate of inflation we are witnessing, as all consumers are right across the globe. It should be recognised by all Members of this House that this is yet another constructive measure by this Government to assist those struggling individuals, households and businesses at this difficult time. Everyone is affected, not least those on low income and social welfare.

For those in jeopardy of falling into a poverty trap, this year's budget, which was announced just last October, contained more than €1 billion in significant tax and social welfare measures to assist those middle- and low-income earners. Those measures were recognised by the Economic and Social Research Institute as progressive but I would be first to say they cannot be stand-alone measures and they must be kept under constant review over the coming weeks and months.

It is true to say that nobody could have foreseen what the world would be facing in early 2022 last October, with the rate of inflation far exceeding what was anticipated at that time. The worry at that time was simply the post-pandemic supply chain disruption and inflationary cycle. Sadly, as we exit the pandemic, we are confronted with the invasion of a sovereign state of Ukraine, which presents many challenges not only to Ireland but to other nations too. It presents challenges on several fronts domestically from a humanitarian, educational, energy, health, food and financial perspective. As was said last October and earlier today as well, this volatile inflationary period in which we are currently locked is being kept under review by the Government, which I welcome. All levers of the economy are being examined and they should be kept under constant review. It is not good enough for some Members of the House to just use sound bites. We need solutions and we need the Opposition and the Government to work collaboratively.

Last week, President Higgins signed into law the legislation for the emergency benefit scheme for electricity costs. That will see an important package of more than €500 million to allow for a €200 energy credit for more than 2.1 million homes across the State, along with a much-needed lump sum payment of €125 for those in receipt of fuel allowance. Tonight, the Government is bringing forward a €320 million package on excise that will see, if it is passed this evening, a price reduction in petrol, diesel and marked gas oil from tomorrow until at least Wednesday, 31 August.

The public expects the Members of this House to work together. We are at an early stage of an extremely volatile time internationally and it is incumbent on all Deputies to work together and do what we can. We must try to quell the inflationary cycle we are in and the Government must work with all Deputies. Price gouging and any profiteering must be investigated. Those steps must be taken sooner rather than later.

See this speech in context