Nessa Cosgrove (Labour)

Earlier this month, the Northern and Western Regional Assembly released a report on the status of priority infrastructure projects. The Northern and Western Regional Assembly does amazing work in identifying not only the needs and gaps in provision but also the possibilities that could be implemented. There are a number of absolutely crucial transport infrastructure projects which have been identified for years in the north west but are still not shovel-ready.

What is missing in Sligo, Leitrim and Donegal that we have seem to have no transport projects ready to go?Our region is bursting with untapped potential in terms of our natural resources, landscape and extremely talented workforce. We could compete with any region in Europe but there have been years of underinvestment in infrastructure projects that is preventing us from achieving our potential.

I know we are talking about public infrastructure and finance, it is often asked where the money will come from. It is a fair enough question. Where are we going to raise finance? However, in a country where there is so much real poverty, levels of homelessness, child poverty and food poverty, and low- to middle-income earners paying high levels of tax and not receiving the services they should, there is a whole class of people groaning underneath the weight of their wealth without paying any meaningful level of tax at all. According to Oxfam Ireland, there are now 11 Irish billionaires. During 2024, their combined wealth increased by a staggering €35.6 million every single day. I have to agree with Jim Clerkin from Oxfam that this wealth is not deserved and is not based on merit. It is based on greed and a desire to acquire, possess and hoard. It is a level of greed that would even put world's imperialists to shame.

Billionaires worldwide use clever accounting and tax avoidance - not actual tax evasion - to get away with not pulling their weight. Not only that, they are actually doing real harm. Every euro they acquire is held onto tightly, taken out of our system and squirrelled away. Although billionaires have been allowed to exist and thrive under modern, unrestrained, unregulated capitalism, their behaviour will undoubtedly cause the end and collapse of capitalism. Money is designed to flow around the financial system just as blood flows around the circulatory system. To have a blood clot in the circulatory system is potentially fatal and may require surgery or clot busting medication. Blood clots are the enemies of good circulation but billionaires are the enemies of a well-run, functioning society which requires buy-in and contributions from all of its members.

Why am I talking about it now? We know there are massive infrastructure projects that need to happen. We know housing needs to happen. We know one in five children are living below the poverty line but taxation has become a dirty word for political parties. Raising taxes for those who are already struggling cannot be an option. We should have a progressive system, like they have introduced in Spain, to protect those who are asset rich but cash poor. It can be implemented. We can broaden our tax base. Internationally, a system has been proposed to the G20 that will involve the collection of a 2% wealth tax on global billionaires. We could demonstrate that it is possible to raise taxes for billionaires, continue to grow our economy and deliver services, housing and infrastructure projects. Spain is doing it, and we could do it too. At the moment, we are still allowing the world's billionaires to continue to acquire, hold and pile up wealth. This affects our public services and there is a direct correlation between poor public services and poor infrastructure projects and untapped wealth that we are not using. They should not be allowed get away with it.