Results 13,941-13,960 of 32,547 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: They may need training. The Deputy is right. During the period from 2013 to 2015, my colleagues in the Departments of Employment Affairs and Social Protection and Education and Skills showed that we have the ability to do that. While I will work to be in a position where we will minimise employment being shed in the first place - we believe we will still have an economy that will have more...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: The most acute one in the short term is Brexit. In the medium term, it is what happens with growth within the eurozone and what happens in the debates that are due to happen on global tax and trade policies, but they are more medium term in nature. We have seen a lot of charged words regarding global trade, but we are still seeing economies, America in particular, that are growing and our...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: No. We have increased our capital profiling from 2021 onwards to deal with the cost of the national broadband plan. That has happened because the cost of that is known with a degree of clarity per year.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: That is built in. Regarding the national children's hospital, the 2020 cost of that is accounted for through the expenditure reserve that we have in place for 2020. The cost beyond that for 2021 and 2022 is not accounted for in a higher capital ceiling but in row D, box 5, there is a high level of unallocated funding for those two years which would then deal with the funding of the further...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: Yes. The key area that we are working on is the development of a project on building information management or BIM. The aim is to develop a computer modelling of big projects that are due to be delivered in order to try to reduce the cost of the project when it is ready to be built. On page 35 of the summer economic statement we also outline other things that have been done in relation...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: I do. This is why we are changing the growth outlook for our economy to indicate that over time it will grow at a rate between 2.5% and 3%, as opposed to the far higher rates of growth we have seen in the recent past. Growth rates between 2.5% and 3%, if sustained over time, would still have the ability to make a hugely positive impact on living standards within our economy and would be...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: In terms of the level of reduction of our-----

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: It can certainly be achieved if we run surpluses, which can have a very big effect on the level of debt in our economy as a percentage of national income. The key thing is to sustain that degree of surplus over time.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: If Brexit does not happen, if there is an orderly Brexit or if it happens at a later point in time, we would need to look at two things. The first would be how to improve the capacity of the people, capital and land present in our country. It would not be all about how to restrain growth. It would also be about how to make better use of the resources available to us. In particular, the...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: It is crucial. Public sector pay is the single largest component of total current expenditure. Any change in our public sector wage bill that affects everybody else in our public service has a really big effect on the total level of current expenditure within our economy. One of these issues is currently before the Labour Court. I acknowledge that. Work is under way concerning healthcare...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: Yes, they are deliverable. We will ensure that we can put the strongest possible support in place for sectors that would be affected by a disorderly Brexit. However, this support would need to be capable of being phased out over time because we would have to ensure the parts of our economy we support turn to other sectors or other countries, or that those companies or sectors make changes...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: I can assure the Deputy that supports will be in place if they are needed. From my engagement with the European Union I am confident that it will provide the policy guidance or recognition needed to do that. Of course, we will be expected, and we will be able, to provide the resources to respond to this challenge ourselves.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: It would be a matter of very great concern to me if there were to be an overrun in health of the magnitude of what we saw last year. As the figures indicate, we are currently in a better place than we were a year ago with regard to expenditure management. There is still a risk, however, and that will require ongoing focus for the rest of the year.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: Is the Deputy referring to the profiling of the overspend with regard to what will happen towards the end of the year?

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: There are two reasons. The first is the magnitude of additional funding that was provided to the health services last year. The Supplementary Estimate last year, in addition to the extra funding provided in budget 2019, amounted to just over €1 billion. This is the largest increase in funding to the health services in a single year in any of the budgets in which I have been...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: I am not suggesting that at the moment. I am saying that we need to avoid that, which is the reason I am being very careful in my analysis of where we are at the moment. The change in June stands in marked contrast to our position in May and earlier parts of the year. The growth in expenditure this year versus the previous year was within what we had budgeted for. It is obvious-----

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: The month-on-month expenditure earlier in the year was in line with what we had budgeted for. That changed in May and then changed downwards in June. While the June figures for current expenditure growth versus what was budgeted for show progress in managing the risk, I must be clear that the Minister for Health, Deputy Harris, and I will need to work together in the second half of the year...

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: There is an increase, yes. At this point in the year, the figure is higher but two things must be weighed against that. First, the growth in expenditure for June is lower than it was in May.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: I accept that but the magnitude by which it is over budget is far smaller than it was in other years.

Committee on Budgetary Oversight: Summer Economic Statement: Minister for Finance (3 Jul 2019)

Paschal Donohoe: I aim to get spending for these months within budget and will work to do so. What is different from the situation in other years is the magnitude of additional funding last year, which was just over €1 billion.