Micheál Martin (Cork South-Central, Fianna Fail)

First, the situation is very volatile and is very uncertain. It is because of that we are facing a very difficult background to the development of the NDP, completion of the national development plan, which is capital expenditure on water, energy and so on, the Estimates process with the Government and line Ministers and then the budget itself in October. It is very difficult to forecast and we have to be prudent. We have to be cautious and careful in terms of the resources we have. I know everybody wants us to spend billions but that is not open to us. We will be spending a lot. There will not be any austerity as has been asserted but there has to be some degree of caution here because the situation could change. There is considerable downside risk. There may be a relative upside risk if none of this materialises but there will be tariffs and the Economic Social Research Institute has done tables of 10% tariff impact and so on.

See this speech in context