Martin Mansergh (Fianna Fail)

For example, a drop of 2% in the rate of income tax was balanced out by abolishing the introductory rate of 10%. The cut of 2% in corporation tax which, according to the Financial Times was partly stimulated by competition from Ireland even though Mr. Brown likes to talk only about the big seven economies, was paid for by small businesses which saw their introductory rate of corporation tax increase.

We do not fully appreciate what an incredibly fortunate situation we are in. When the Opposition refers to stealth taxes it must include, for example, a 3% rise in public transport fares, which is a complete devaluation of the term.