Seanad debates

Wednesday, 20 October 2010

Announcement on Banking by the Minister for Finance: Statements

 

3:00 pm

Photo of Alex WhiteAlex White (Labour)

We can check that but I will accept the Minister of State's explanation. Such a stray phrase may have been in his speech seven or eight months ago but it would be extraordinary for it to be there now. There is no confidence that the public finances have stabilised in recent months, and the news from recent days has set everyone back. When we talk about credibility, consensus and how people have called upon the Opposition to come forward to support the Government in such measures that need to be taken, we must understand the parameters clearly.

I cannot understand the logic of some Government figures and supporters in the media looking to the Opposition for specific budgetary measures to be brought forward in circumstances where the Government has not even begun to set out parameters. The Taoiseach said this morning it would not be possible to do so for another month but the Government is still asking Fine Gael and the Labour Party about measures to be included in the budget. It is illogical. If the Government genuinely wants to engage with the Opposition it must come forward with all the information. I appreciate briefings are ongoing this week and we can appreciate the confidentiality aspects.

Fintan O'Toole or some other commentator made the point in The Irish Times today that we should engage the entire the community in this debate. If we are to be faced with an adjustment over the next four years that will be double what we thought it would be, there is no way the issue should be resolved within the Oireachtas. We must bring the public with us on the debate as there is no question that taxation matters are required along with inevitable cuts in public expenditure. We must have that debate in public as much as we can because there has been an enormous loss of confidence in the Government. Although I am not a supporter of the Government, this loss of confidence has been catastrophic. No one wants to live in a country where the Government is on the floor in terms of public confidence, which is the case. There is a lack of confidence in the system and people do not know where to turn to. They are almost at a stage where they do not believe anyone, and in any democracy that is incredibly dangerous and does not lead to any kind of opportunity for a proper resolution.

There will be much disagreement in the course of the next few weeks and months but information and clarity are fundamental to our efforts. The Government must tell us what it expects next year for growth rather than just the scenarios given during the week. Is the Government so worried about projections because the forecasts given in recent years have been so spectacularly wrong? It will not give any projections for employment and growth next year. Where does the Government see these issues because we need that kind of information within the next few weeks? At that stage we can begin to have the kind of informed, intelligent and meaningful debate required over the next few weeks and months.

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