Results 25,541-25,560 of 27,945 for speaker:Michael McGrath

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 218: To ask the Minister for Communications, Energy and Natural Resources the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38459/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 229: To ask the Minister for the Environment, Community and Local Government the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38462/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 267: To ask the Minister for Justice and Equality the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38467/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 300: To ask the Minister for Defence the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38460/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 316: To ask the Minister for Agriculture, Food and the Marine the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38456/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 349: To ask the Minister for Children and Youth Affairs the estimated cost to her Department of a 2% increase in the standard rate of VAT; and if she will make a statement on the matter. [38458/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 387: To ask the Minister for Health the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38465/11]

Written Answers — Departmental Expenditure: Departmental Expenditure (6 Dec 2011)

Michael McGrath: Question 481: To ask the Minister for Transport, Tourism and Sport the estimated cost to his Department of a 2% increase in the standard rate of VAT; and if he will make a statement on the matter. [38471/11]

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: When news of the VAT increase leaked in the German Bundestag the Minister was quick to put out his analysis that it would have a greater impact on the better off. However, the distribution effects of VAT in Ireland were examined by the ESRI in a paper published as recently as July. The results were unambiguous. They showed that those hardest hit by a VAT increase are households in the...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: A 2% increase in VAT is a mistake at this time. I accept it is included in the EU-IMF deal for 2013 and 2014 but the Government has chosen to front-load it at a time when the domestic economy is at its weakest. At a time when exports are facing a challenging environment, there was a need for positive emphasis on the domestic economy but the Government decided to do the opposite. The...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: Yes. The Minister also confirmed in that reply that such a projection takes no account whatsoever of any reduction in demand brought about by an increase in VAT. The Minister has many economists at his disposal in the Department of Finance. Surely one of them told him that if he increased prices, demand would reduce. A basic economic principle is price elasticity of demand. I am not...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: A little light relief is no harm on days such as this. We all welcome that. Let us take one example. Car sales have gone into decline since the end of the scrappage scheme in June. Figures released on Friday by the motor industry show that car sales in November were down 50% on those for the same month last year. The 2% VAT increase will add €300 to the cost of an average family car....

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: We believe the Government's decision to impose a levy on private pension funds was deeply unfair. The Government is in effect raiding the private savings of Irish citizens. This measure runs contrary to the long-established principle of all Governments to encourage people to save prudently for their retirement. It was a sneaky levy. The Minister said it is a levy on the industry yet the...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: The levy is being passed on to pensioners by way of benefit cuts. We have all heard the Tara Mines story. Many others will emerge in the weeks and months ahead. Existing workers are being asked to pay additional contributions to make up the shortfall. We know by way of freedom of information that this decision was made against the advice of the Pensions Board and officials and that the...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: This would be an investment of €700 million per annum and could be supplemented with an equivalent annual investment from the remaining discretionary portfolio in the National Pensions Reserve Fund. This would offer a long-term cashflow benefit to private pensions funds while stimulating economic activity and developing the infrastructure capacity of the State. Such a fund could also be...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: I expected the Government to put enterprise and jobs at the centre of the budget announcements made yesterday and today. Sadly, I was disappointed. We must ensure that enterprise is at the heart of every Government decision. While we must continue to attract foreign direct investment, small and medium-sized Irish businesses will lead recovery in the Irish economy. We need to give them...

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: Presumably, that answer has been given. Today the Government has raised the white flag on the issue of upward-only rent reviews. The uncertainty it allowed to develop in the past nine months created a vacuum in the commercial property sector.

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: Retailers did not know where they stood and investors were not able to make investment decisions because they had no solid basis for calculating a rental yield. This was the legacy of the Government's decision on this measure for nine months-----

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: -----while failing to come up with a decision.

Budget Statement 2012 (6 Dec 2011)

Michael McGrath: I am glad the Government has finally made a decision because that is what I had intended to ask the Minister to do today.