Seanad debates

Thursday, 13 October 2011

10:30 am

Photo of Feargal QuinnFeargal Quinn (Independent)

IBEC published a number of proposals today which are worthy of debate. I suggest that the Leader might find time for such a debate in the near future. The problem which faces us is that we are not spending in Ireland. We have a strong export sector but we are continuing to save rather than spend. I grew up during a time when we were all encouraged to save but it appears now we need to find methods to encourage people to spend and create more jobs. IBEC suggests that if people had access to a portion of their pensions, perhaps at a reduced rate of tax, they could spend it now. I acknowledge this proposal presents all sorts of long-term difficulties but it should only involve a portion of that pension. The proposal is at least worth discussion.

IBEC also proposed that children's allowance be paid with an electronic card that can be only spent on goods here. It has been suggested that much of the money paid is not spent in Ireland. I could be accused of coming from a tradition of encouraging people to spend their money in supermarkets but that is exactly where the cards would be used. It appears that some of the money received in children's allowance payments is not necessarily being spent on children. IBEC's proposal has the dual benefit of solving what we want to do with children's allowance while giving a boost to the retail trade in Ireland.

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