Seanad debates

Wednesday, 20 November 2002

The question arises of what the Government's response to this. The Government commissioned a report from Dr. Peter Bacon some years ago. He suggested that it was necessary, in the first instance and at least as a temporary measure, to take investors out of the market, or at least to reverse some of the advantages which they enjoyed. In recent years, the Labour Party supported various measures recommended by Dr. Bacon, such as the abolition of interest relief on borrowings, which was subsequently reversed by the Government. We were in favour of Dr. Bacon's suggestions in relation to capital gains tax and development land, which were ignored by the Government.

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