Paul Coghlan (Fine Gael) | Oireachtas source

I welcome the Minister of State to the House and congratulate him on how clearly he set out the aims and ideals of the plan as embodied in the spring economic statement. They are ambitious but obtainable. It is a good programme as he has outlined it to us.

Apart from being a European requirement, this is a useful exercise in the management of our economy as well as in charting our recovery from the brink of the collapse that the Government inherited. Rescuing the economy and saving the country were of paramount importance. We did not want to default, nor did we want to leave the eurozone. As such, a clear plan to secure the stabilisation of the economy and keep the country pointing in the right direction was essential. There is no doubt that our people have shown great patience and resilience during the crisis. We are indebted to them for all of their hard work and sacrifices. We are glad that the troika is gone from our shores and that the bailout is over, but we must not forget that the recovery still requires nurturing. It is heartening to know that we are the fastest growing economy in the EU.

Repairing the public finances is a work in progress, but Government borrowing has radically reduced and interest rates are thankfully at an all-time low. Too many people are out of work, but it is good to know that unemployment levels have fallen to 10% from a high of more than 15%, with employment levels at their highest since 2009.

The spring economic statement sets out the Government's five-year plan to 2020 for securing and strengthening the recovery. At the heart of this plan is a commitment to protecting our national competitiveness and stability in the public finances. This will ensure an improved climate for job creation, which remains a top priority. More jobs will mean more resources to fund services and reduce taxes on those already at work. The Government's commitment of 100,000 jobs is about to be achieved one year ahead of target. This will lead to more Irish people returning to the country to take up employment than are leaving. By 2018, every job lost by the previous Government will have been replaced, with more sustainable jobs in the pipeline. By 2019, there will be more people working than ever before.

The Government's targets are ambitious and will only be achieved if we continue making the right choices. We are committed to the path that continues reducing the burden of taxation on enterprise and employment, improves our attractiveness for investment and expansion and ignores calls from whatever quarter for a return to the reckless tax and spending policies that destroyed the public finances. The planned targets require a steady growth of between 3% and 3.5% per year, not boom and bust. Steady growth of this nature will eliminate the remaining deficit and bring government debt below average European levels without new taxes or charges. We have moved away from the "when we have it, we spend it" approach to budget management espoused by previous Governments.