Ivor Callely (Fianna Fail)

I commend the Minister for Finance on the courage displayed in his budget, which will set the path for economic recovery. Difficult choices were necessary and have been made. Our fiscal situation was untenable and a significant correction in the level of fiscal imbalance was unavoidable. We needed to increase the level of taxes to pay for the social welfare demands and for those who have lost their jobs and to continue to protect those who are most disadvantaged. We also needed to take action on public expenditure.

The principles underlying the budget are equity and fairness. While severe on many taxpayers, particularly the higher paid, the Minister has clearly attempted to shield the most vulnerable.