Tom Morrissey (Progressive Democrats)

On the issue of taxation, the council commends Government on changes to the structure of the Irish tax system, and in particular the lowering of direct taxes on both personal income and corporate profits. These changes have supported competitiveness and have been important factors behind our economic success over the past 15 years.

Ireland is ranked as one of the most open economies in the world in terms of trade in goods and services. Within the EU, it had the highest percentage of trade with non-EU countries, an indication of which is our close trade connections the USA. This high degree of openness leaves the Irish economy vulnerable to fluctuations in the value of the euro and global economic downturns. However, the NCC rightly points out there is no guarantee our future performance will be as good unless the right policy decisions are taken now.

It is important we take on the challenge of doing whatever is necessary to keep Ireland Incorporated competitive in business and at the top of the league of the most competitive economies. There are a number of areas on which the NCC and others believe our attention should be focused over the medium term.

With regard to competition and regulation policy, Ireland ranked 13th out of 16 countries in terms of the intensity of local competition. The council's statement on costs in September concluded that the lack of competition in some sectors was partly responsible for business costs and consumer prices in Ireland being out of line with other advanced economies.