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Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: One will have to earn €16,300 before one starts contributing to the tax system. This is because we wanted to ensure people on low incomes are helped, avoid poverty traps and maintain the incentive to work. Even after yesterday's budget, in respect of which every superlative one could think of has been used in an effort to say how terrible it is-----

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: Yet, 38% of people going to work today will not be in the tax net after this budget.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: That is our commitment to these people. I will discuss that with the Deputy any time.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: The Deputy does not have to engage in defence. The wry smile of the finance spokesperson said it all for me.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: We have set up an innovation fund of €500 million-----

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: -----that will support enterprise development and job creation by drawing top venture capitalists to Ireland. It is interesting that the first tranche has attracted 23 expressions of interest. That is the way we can get capital into high-technology companies that are presently short of resources and which find it hard to bank their projects because of the nature of the activity in which...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: That is one aspect. With regard to promoting the tourism product in Ireland, the sum in question amounts to over €100 million. There is expenditure of over €40 million on tourism marketing. In this area, a serious, focused effort is being made to increase tourist numbers.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: With regard to agriculture, in respect of which I will be glad to hear from Deputy Stanton, we have a strategy in place-----

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: -----and confidence has returned to the sector. I recall meeting worried representatives of the agri-food business at the height of this crisis, at which time it was suggested that up to 40% of its base would disappear because of factors exacerbated by the exchange rate problem. This is because many of our goods and services in this area go into the sterling area, as the Deputies know. All...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: There will be considerable investment next year in the forestry sector. Shouting at me will not change this. Deputy Barrett should give me a shout when he is to make his contribution and I will come down and listen respectfully to what he has to say. He cannot make his contribution at the same time as I am making mine.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: That is just not the way it works.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: The Government is investing over €570 million in science, technology and innovation next year. We are continuing with that. When one considers the budgets for the IDA and Enterprise Ireland, one will note the total budget for enterprise support next year is €508 million. It will rise by €50 million in 2012 and 2013 because that is the commitment we are making in terms of focusing on...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: -----one will realise we have a real economy that is forging ahead if we give it the chance. Exports have increased by 6% and merchandising exports have increased by 12% in the past three months. We will have a balance of payments surplus next year. While we must do our job in this House, namely, fixing the public finances, we must also ensure that enterprising, entrepreneurial businessmen...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: We are supporting tourism by reducing the air travel tax to €3, and the DAA will be incentivising carriers to bring in additional airline passengers. I have made the point about the capital investment programme. It is critical. While difficult decisions have been made in this budget, and further challenging measures will be put in place over the lifetime of the four year plan, we have...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: There is a major allocation for the new national energy retrofit programme. This will combine existing domestic energy efficiency initiatives, supporting jobs for former construction workers and making sure that the tax credit is available as well as the direct grant-in-aid through the various schemes. The tax credit scheme will be of wider application and bring in more types of remedial...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: -----according to the World Bank; Ireland's stock of direct inward investment is five times greater than the OECD average; our competitiveness has significantly improved; we have clusters of the world's leading multinational companies, and continue to attract high levels of investment. Almost 1,000 companies, including household names such as IBM, Google, eBay and Facebook, have chosen...

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: A fair and effective budget will boost confidence and jobs. We need to start believing in ourselves again, particularly in the public arena-----

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: -----and to communicate that with confidence to the outside world. I commend the budget to the House.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: The Deputy should make his own speech.

Financial Resolution No. 34: General (Resumed) (8 Dec 2010)

Brian Cowen: You did.

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