Catherine Ardagh (Fianna Fail) | Oireachtas source

On behalf of the Fianna Fáil group I extend our congratulations to Prime Minister Theresa May on her election as leader of the Conservative Party and her election as the second female Prime Minister of Britain. In the wake of Brexit she will face many challenges in implementing and negotiating a Brexit for the UK. I hope that Ireland can continue to keep its place as one of Britain's main trading partners which we have enjoyed for many years.

Yesterday I was angered and disgusted to hear the continuing narrative across our airwaves that Ireland has engaged in leprechaun economics. The Central Statistics Office, CSO, figures published yesterday announced that Ireland has had a massive increase of 26% in GDP. I cannot imagine that any constituents, represented by this House, have felt this increase in their pockets. However, if these figures are true, perhaps the Minister for Finance could stand over them. If it is the case that the figures are inflated because of technology companies' intellectual property, IP, assets and aircraft leasing companies relocating here, then it is incumbent upon the Minister for Finance to clarify this. If accounting methods are out of date, then they must be updated to ensure they represent a true figure of our economic growth.

With Brexit on the horizon and at a time when we need to be presented as capable and professional, Ireland is being laughed at by the financial world and is being made a mockery of. In the wake of Brexit, Ireland needs to be out there fighting for any upside from Brexit. We need to encourage foreign companies to come to Ireland to do business and we need to send a message that Ireland is a great place to do business and is open for business. Ireland needs to show that the economy is stable and that we are the right place in which to locate. Perhaps the Leader could ask the Minister for Finance to clarify the CSO figures and to issue a statement on it.