Gerry Horkan (Fianna Fail) | Oireachtas source

I will need an extension of my time as I have so much more to say.

Sinn Féin's budget makes no provision for a rainy day fund in case there is a downturn in the future and breaks the fiscal rules by spending all of the money available. It advocated raising an extra €3 billion in taxes, including over €1 billion in corporation tax, scaring investment and jobs away. Ultimately, Fianna Fáil has taken the more difficult path of responsible politics and worked to give effect to our manifesto, while keeping faith with its pre-election promises. It is important to remember that Fianna Fáil is the main Opposition party by a fair margin. While this is a Fine Gael and Independents' budget, we have used our position to reduce the right-wing tendencies of parts of Fine Gael and halt its indifference to dealing with the housing crisis.

As a result of the confidence and supply arrangement, Fianna Fáil has ensured a minimum 2:1 investment in services to tax cuts ratio and a switch to progressive budgets. We have focused USC reductions on low to middle income earners, raised the old age pension and increased carer's, disability and unemployment benefits payments by €15. Fianna Fáil has extended mortgage interest relief, increased the home carer tax credit and earned income credit and secured 2,400 new gardaí. We have restored postgraduate grants for low-income students, had a 10% increase in capitation grants and reintroduced guidance counsellors to secondary schools. We have also reactivated the National Treatment Purchase Fund, abolished water charges, restored group water scheme funding and boosted third level funding.

In agreeing to the third budget Fianna Fáil has provided for economic stability for 2019 while we all face the consequences of the United Kingdom exiting the European Union. We are all hopeful of a Brexit deal as it would be in the interest of these two islands and the wider European Union. The Government's focus must now be on successfully concluding the Brexit talks. Fianna Fáil will continue to act in good faith and responsibly in the coming weeks which will be crucial. As in the confidence and supply arrangement, a review will be undertaken by both parties. I thank the Minister of State for giving of his time. Brexit is everybody's focus.

While welcome, we need to be cognisant that there is a significant reliance on corporation tax receipts from large multinationals. We must also look at ways to get people to retrofit and insulate their homes to ensure they will spend less on energy costs in the longer term to combat climate change. We should use the moneys we would be spending on climate change fines to get more people to retrofit their houses, as well as to have more energy efficient transport. It is not a problem for us but for the whole world.

I welcome the Budget Statement. I am happy that my party is facilitating its progression through the House.