Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Deputy's statement that what the Government has done is not enough is a fairer comment because that is his view, but to come to the Chamber to say we did nothing is, as I said, completely incorrect. I do not accept that €2.4 billion in measures represents a drop in the ocean. For a country the size of Ireland, the use of taxpayers' money of that magnitude is a major decision. It is not one we made lightly but it was absolutely warranted. To take those interventions outside the normal budgetary calendar, to reduce VAT and excise, and to introduce once-off payments and better social welfare supports is not something any government would consider in normal times.

We also have to be cognisant of the wider picture. There are increasing risks to the global economy and as a small, open, trading economy, Ireland is not immune to those risks. The Deputy will be aware the cost of borrowing for our country has increased significantly in recent weeks. We will work our way through this. The priority now is to agree in the summer economic statement, taking all those factors into account, what the appropriate budgetary stance is for Ireland and how much money we should be spending-----

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