Terry Leyden (Fianna Fail)

I tried to explain how difficult it was to attract inward investment. Now inflation at about 3.5% and interest rates at the current level have pushed the economy forward. The only difficulty on the horizon is energy. The Government must carefully examine the continuation of the need for oil. Yesterday I heard a report that the level of oil reserves has peaked and will decline from now on. By 2025 there will be a major world shortage of oil. In the meantime it is vital that alternatives are devised.

I commend the Government and Deputy Killeen, on promoting fourth-level education, which is innovative. Research and development are vital to the economy and are recognised as an integral part of the social partnership plan for the future.

I thank the Leas-Chathaoirleach for allowing me to speak and commend the Minister of State for his work in the Department of Enterprise, Trade and Employment and for his innovative work on labour affairs. I commend him for increasing the minimum wage last year. Despite much opposition from employers he was right to do so as it has given people security in their employment and recognition for the work they do in the economy in the form of proper payment.