Seán Haughey (Dublin North Central, Fianna Fail)

The Minister for Finance will be here presently and, therefore, I will share time with him. I thank the Senators for their contributions and I will try to address each of them as best I can once I have made a few general comments. We have had an interesting and informative debate and we are facing into an interesting time. This has been an unusual Finance Bill, both in terms of its timescale and the circumstances in which it has been developed, but the Minister for Finance can bring it forward with a degree of optimism. Following the sharp contractions in 2008 and 2009, available data point towards a stabilisation of economic activity last year. Recently published figures show both GDP and GNP expanding in the third quarter of 2010, which is encouraging.

It is also encouraging that our recovery is being driven by the exporting sectors, underpinned by the significant improvements in competitiveness that have taken place. As wages and other costs adjust, we are pricing ourselves back into global markets. The Minister cited our 13% annual rate of export growth recorded in the third quarter of last year, one of the best performances in the EU. With this export-led growth, Ireland will have a balance of payments surplus this year and, therefore, the country will pay its way. The Minister stressed in his opening contribution that Ireland remains open for business and is still the destination of choice for many of the world's leading firms.

It is perhaps appropriate to revisit some of the key measures in the Bill. In particular, I refer to the importance of the universal social charge which was highlighted during the debate. The measure represents a substantial change to our tax system. It is based on the principle that everyone must pay according to their means. As the Minister has said many times, it is simply not sustainable that 45% of income earners pay no tax and he stands by that statement. The Minister has arrived and I will hand over to him.