Martin Mansergh (Fianna Fail)

—which stated that one had to increase the money raised from banks, corporations and wealthy individuals. I still know the figures because I recall researching them.

In 1986 we raised approximately £34 million from capital taxes and £247 million from corporation tax. That has been magnified. Corporation tax has increased by well over 1,000%. This was not done by raising the tax level and by making it more punitive. In many instances, it was done by easing the tax. The Labour Party bitterly condemned the reduction of capital gains tax from 40% to 20%. It thought this was wrong – socially, morally and so on – but the yield doubled. The Labour Party could not believe what happened because it was counter-instinctive. The problem is that many of the arguments about economics and social justice are counter-instinctive. In theory, there is a lot to be said for socialism but the trouble is that, in practice, it often does not work and is counterproductive. I do not want to be too critical because liberal capitalism and socialism have flown together to produce the type of mixed economic system we have today.

The Minister referred to value for money, a point I raised last week. I am deeply concerned about value for money and I wish there was more public discussion about it. I refer to the statement by the chairman of CIE that over half the cost of the transport investments which Dublin needs will go on property compensation. Is that what the national development plan is about? Despite what Senator McDowell tried to state, it is not primarily farmers. Large sums of money are being spent in the cities and, in particular, in Dublin where the overwhelming proportion of investment in public transport will take place. The Government needs to give serious consideration to that issue and I believe the Taoiseach has already made some noises on the subject.