Robert Troy (Longford-Westmeath, Fianna Fail)

I thank the Ceann Comhairle for the opportunity to speak on budget 2026 this evening. This budget is focused on protecting our economy, protecting our jobs and protecting future growth. The approach to the budget was one of prudence and being mindful of the headwinds which exist outside of our shores but have a significant impact within our shores. No one budget can address every issue we would like to address. Budgets are about choices and the choice this time was to protect the economy and support jobs while targeting those who need help most. If we do not take the right measures now, we will pay for that miscalculation in years to come.

An area that has been heavily focused on is the VAT reduction to 9%. While it may not be a measure I was overly keen on, it is a measure aimed at keeping doors open in our towns and villages. Some 75% of hospitality businesses are SMEs. These are operations of fewer than ten people who deal with the tightest of margins in terms of profitability. Those margins are the difference between staying open and supporting local jobs, tourism and communities, or closing the doors.

The Opposition has focused on the fact that this reduction will not be passed on to consumers. The aim is to keep businesses open. A competitive market leads to better outcomes for consumers and if more cafés, restaurants and pubs can stay in business, that is the best possible outcome in terms of cost reduction and retaining jobs.

This Government is also prioritising the delivery of housing, with €11 billion allocated to the Department of housing, a 20% increase on last year’s budget. This will provide 10,200 additional social homes and 15,000 starter homes. Again the Opposition homes in on the 9% VAT. This is about making apartment delivery viable. We know there are 92,000 permissions out there for apartments that are not being constructed and there is a reason they are not being constructed. I see it in my home town of Mullingar, where sites are on sale for two years with full planning permission for apartments and they are not being built because it is not profitable to build them. We need to increase supply of all types of housing and that is what is motivating us. By increasing supply of housing, we are giving the people we represent choice and the opportunity to own their own home.

Turning to my own brief as Minister of State with responsibility for financial services, I am pleased to see a number of measures that will further cement Ireland as a hub for such services. Ireland has a distinct advantage over many other jurisdictions in Europe. We have a skilled workforce with one of the highest levels of educational attainment in the European Union. We are English speaking. We are a location of choice for financial services and technology firms. Now is the time we can capitalise on a sector that has boomed since the establishment of the IFSC.

The expansion of the research and development tax credit system is a significant value add to this. On a recent trade mission to New York, it was impressed upon me that Ireland is a good place to do business because of the availability of talent. Companies can now further leverage that talent through innovative investment, thanks to measures like the research and development tax credit expansion. We are already home to a number of innovation hubs across payments and financial services and I have full confidence this will grow over time.

Finally, Ceann Comhairle, I would like to touch on-----

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