Joe O'Toole (Independent)

Mistakes were made and Professor Honohan has given a view on it. It is quite clear that passing the budget on 7 December is a crucial part of the timeline of the budget and what is required in dealing with the IMF and Europe. The Opposition parties have accepted that aspect of it. It is also important to recognise that the IMF and our European partners do not have exactly the same level of interest in this. The IMF has a vested interest in this country growing and coming out of this, whereas some of our European friends are competitors in the marketplace of taxation. We need to be clear about that and I hope that the debate today, which I welcome, will focus on these issues.

Let us be clear that the budget is a Budget Statement. It is not a Vote, a Bill or legislation. The number of votes that take place on budget night are determined by the Government. Excise issues must be voted on but they will not be an issue anyway. The Finance Bill comes two months later and often there are many differences of attitude to the budget. Constitutionally, legally or otherwise, there is no reason we could not pass the budget on 7 December and have a general election before the Finance Bill. I am not suggesting we do this but I want people to know the option exists. It has been too easy for parties to hold positions or oppose positions. There are other options. After the Budget Statement is made, people adjust to it and the Government respond to that in the Finance Bill. It may be in the interest of the incoming Government to implement the Finance Bill in terms of putting shape on the budget. On the other hand, it may be against their interests and may be better for the incoming Government to have the horrible budget, the desperate Finance Bill and the extraordinary social welfare Bill passed by the outgoing Government whose fingerprints are all over them and the new Government can then start over. These are the options and it is not a matter of black and white. There are grey areas. I ask that today's debate would be positive as well as recognising the depth of the difficulties we are in. There are positive matters in the economy, as Professor John FitzGerald put very well this morning. We should develop these issues.