Dominic Hannigan (Labour)

Like Senator Alex White, I am concerned about recent developments in the Irish economy. FÁS has indicated it expects unemployment to rise to 5.5% this year and 6.6% next year largely as a result of the slowdown in the construction industry. Business failures are up 60% since this time last year. The value of the pound sterling against the euro is at its lowest level ever. Coupled with that, consumer confidence in the UK is also at its lowest level ever. The double whammy impact of these developments in the UK is bad news for our exporters and will affect the profitability of Irish companies.

There are actions we can take as a nation. As the Minister, Deputy Martin, said last week, we need to grow our indigenous companies. One way we can do that is by rolling out broadband nationally. This Chamber also has a role to play. We heard this morning that the director general of the European Commission and the Dublin Chamber of Commerce warned against the impact of a "no" vote in the Lisbon reform treaty referendum. They are concerned that this will be perceived internationally as us changing our stance away from business. Therefore, we must ensure a "yes" vote in the referendum. I was in Laytown last night and the sheer scale of misinformation and lack of interest I observed there is worrying. Unless we campaign for this treaty and explain the benefits of it, we will lose the referendum. Does the Leader agree it is up to all of us to get out there and explain how this treaty will benefit the country?