Martin Mansergh (Fianna Fail)

Finland and Luxembourg are the only EU countries ahead of us in competitiveness. Absolute poverty has been reduced and we had a social welfare package of €630 million in the budget. There were increases of 6% to 8% whereas the policy a few years ago under the rainbow coalition was to barely index. We are well on the way to a pension of €200. In 1997 the pension was the equivalent of €85. Today it is €167.30, which is practically double. Child benefit was £39, or approximately €49.50. Today it is €165.30.

As this is a serious debate I want to discuss three concerns about the economy: a possible hard landing and an unwinding of the housing market; the rise in international energy prices; and the financial problems of the US and Germany, although a firm grip will boost confidence.

In looking at alternative economic policies, I am very interested in the proposal from the Green Party that the top rate of tax should increase to 50%.