Paul Bradford (Fine Gael)

——-when former Taoiseach, Deputy Bertie Ahern, and the then Minister for Finance, Charlie McCreevy, boldly proclaimed — probably with some merit — that the reduction in capital gains tax had produced wonders for the economy. We are now seeing a reversal of that, albeit small, at a time when enterprise, initiative and effort need to be rewarded. It is somewhat worrying that taxation is being increased. I appreciate that money has to be found, and I do not have the magic bullet. We are having this debate in the aftermath of the budget. From the viewpoint of future planning, we all get submissions from various interest groups and write pretty meaningless letters to Ministers for Finance in advance of budget day. Much greater political debate is needed on the economic choices, in advance of the budget. We are aware that Cabinet confidentiality has to apply, but we must have much more vigorous public debate about the choices that exist. Even if there is little money, there is always a degree of political choice to be had.

We are bolting the stable door after the horse has gone. In the next few months, the economic statistics will not change dramatically. We need to keep up the dialogue and debate on the economy and consider the alternatives. Clearly, there is an alternative to this budget. It will have to centre around real reform of the public service as well as value for money for the taxpayer, giving back choice to people by tax reduction rather than increases. A good deal of debate is required.

I wish the Minister of State well. I am aware of the enormous responsibility on him and his senior colleagues in Cabinet. This economy is floundering. International factors have obviously played a part, but the statistics available for the past two years clearly show that given the boom in property and other areas, as well as the growth in public service numbers and the wastage of money in too many schemes, many of the problems the Government is now trying to correct should never have happened. We need to redouble our efforts to be more politically and economically vigilant.