Martin Mansergh (Fianna Fail)

We have a strong financial position with general Government borrowing at 0.8% of GDP. The EBR is 2.3% of GNP but the difference is accounted for by the money put aside for pensions. We have average inflation of 2.5% and it is important that we maintain that level. Employment is to rise by a further 35,000. The 9% increase in expenditure is at the upper limit of what is prudent and at the upper limit of expectations.

If I have one criticism of the budget arithmetic it would be the same as my criticism this time last year and I was proved right far beyond even my expectations. The revenue projections for 2005 show an increase of 5%, which I find incredible. If all the worst case scenarios mentioned in the Minister's budget speech come to pass, that might be a credible figure. Revenue for this year was €2.3 billion more than anticipated. No doubt the defence for that is——