Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

More evidence emerges every day of the consequences of the housing emergency happening on the Government’s watch. Earlier this week, Galway Chamber warned how businesses are struggling to keep their doors open while their staff have nowhere to live. Today, a survey of businesses from Dublin Chamber found that a lack of affordable housing is the biggest struggle those businesses face.

The housing crisis is hitting people from all sides. Rising mortgage rates are putting huge pressure on people’s finances as they struggle to keep on top of hike after hike. As the Taoiseach is aware, last month the European Central Bank increased its main lending rate for the sixth time since July last year, with the prospect of more increases coming down the tracks. These hikes mean taking a hit of thousands of euro a year for many, with some now paying interest rates as high as 8%. These are colossal sums of money and totally unaffordable for people on ordinary incomes. This barrage of mortgage interest hikes comes in the middle of a cost-of-living crisis, with people already to the pin of their collar as they struggle to keep on top of bills. The Taoiseach need not just take my word for it. The Free Legal Advice Centre has warned that people are at risk of falling into arrears, while the Money Advice and Budgeting Service has warned that these hikes are having disastrous effects. Hike after hike has left mortgage holders at their wits’ end. They are anxious that they will not be able to make their finances stretch.

People are left struggling with crippling rents and rising house prices due to the Government's failure to deliver affordable housing. People need help and they need it now, yet the Government sits on its hands. There is ample room within the public finances to help. This is about choices and the Government has a choice facing it now. Last night, the Dáil debated Sinn Féin’s proposal to provide relief to homeowners hit by rising interest rates. I emphasise that these are tailored, targeted and time-limited supports that will be a life raft for people who need them. Our proposals would support struggling mortgage holders by up to €1,500. They are sensible and necessary measures. The Dáil will vote on Sinn Féin’s proposals this evening, so it is decision time. The Government can and must act with urgency. In opposition, the Minister for Finance, Deputy Michael McGrath, was fully committed to mortgage interest relief and that is what he must deliver now in government. Ní mór don Rialtas gníomhú anois lena chinntiú go bhfaigheann úinéirí tí faoiseamh ríthábhachtach ó mhéaduithe úis ar mhorgáistí. Tá moltaí saindeartha, teoranta ó thaobh ama, leagtha amach ag Sinn Féin. Anocht, ag tacú lenár moltaí, is féidir linn tacaíocht a thabhairt d’úinéirí tí a airíonn go bhfuil siad sáinnithe agus iad ag streachailt le greim a choinneáil faoin bhfiacail.

Every mortgage interest rate hike is a body blow for struggling households. Every hike is a shock that is becoming harder and harder to absorb. My question is straightforward. Will the Taoiseach back Sinn Féin’s proposal for a time-limited mortgage relief and give homeowners the break they so desperately need?

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