Larry Butler (Fianna Fail)

Thank you. I congratulate the Minister for Finance, Deputy Brian Cowen, who has done an outstanding job in the Department of Finance and in the various other Ministries in which he distinguished himself. I thank him for running the country and its finances and for putting us in a strong position to meet any downturn in the economy. I look forward to a debate on the economy as it would be timely. Certain world events affect our economy and it is important we take corrective measures to deal with any issues we may face. We are, however, quite limited in terms of what we can do in regard to interest rates and economic decisions.

Senator Alex White said yesterday that 40% of people hold most of the wealth in this country and he suggested that they be taxed more heavily. Is that a policy of the Labour Party? We have proved that the low taxation system we have encourages people to come here and encourages work. We had a high taxation system which did not work and which we got rid of. The Labour Party would be well-advised to revise its policy on high taxation.