Paschal Donohoe (Dublin Central, Fine Gael)

I thank Deputy Nash for raising this matter. When I was preparing for Leaders' Questions here today, part of me thought it was unlikely that I would get a question about the Government spending too much money. I am really glad that the Deputy has raised this because it gives me an opportunity to respond on what are very important issues.

First, on the sustainability of our public finances and where we are, there is nobody more aware than me - although I suspect that Deputy Nash is nearly as alive to it as me - of what the risks of the past were and of the dangers of them playing out again. It is a matter of which I am aware every single day in the context of the individual decisions that I make and their accumulation.

In response to the charges made regarding the level of risk that is present in our public spending plans at the moment, first I would emphasise the point regarding the scale of the budget surplus we are now running. Second, I would point out that by the end of this year, €16 billion will be set aside in the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. That figure will rise to €22 billion by next year. That is the aim of the Minister, Deputy Chambers, and I with regard to deposits in those funds. Third, Deputy Nash should note that when I began my work as Minister for public expenditure, debt as a share of national income was in excess of 120%. Today, it is just slightly above 60%. It has halved. That is the work that I have done. I have devoted much of my life over the last decade to the case for running budget surpluses with, I have to say, not a whole lot of support in this House for doing so. I have done that in anticipation of those risks.

I rarely take out my mobile phone in the Dáil. I always try to leave it aside out of respect for the proceedings we have here.

However, I went onto the Labour Party website as the Deputy was making his points. Today on the website, Labour is calling for more spending with regard to equal early years programmes, public transport, housing and public sector pay. That is what the Labour Party is calling for at the moment. I accept the legitimacy of many of the cases the Deputy makes, but those who advocate care in relation to general public spending are always very eager to make the case for specific public spending proposals, sometimes of great value. While I do not believe he makes that mistake, Deputy Nash is surrounded by many who do.

The Government will bring forward a budget that will post another large surplus. Shortly after that, we will outline the plans we have to look at what we will do in the years ahead to moderate, in particular, current public spending and to get it to a more sustainable level of increases. I have no doubt that when we do that, it will be vigorously opposed by many.

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