Written answers

Wednesday, 13 June 2012

Department of Public Expenditure and Reform

Economic Competitiveness

9:00 pm

Photo of Brendan GriffinBrendan Griffin (Kerry South, Fine Gael)
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Question 44: To ask the Minister for Public Expenditure and Reform his views on the way his Department can stimulate domestic economic activity; and if he will make a statement on the matter. [25415/12]

Photo of Brendan HowlinBrendan Howlin (Wexford, Labour)
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Since coming into office, the current Government has been working on a range of measures to boost employment and help stimulate economic growth beginning with the Jobs Initiative, launched in May 2011, which comprised a range of taxation and expenditure measures of €1.8bn designed to help get people back to work.

Last year, my Department undertook a review of the public capital programme, the results of which were published in the "Infrastructure and Capital Investment 2012-2016: Medium Term Exchequer Framework". The Framework sets out €17 billion worth of Exchequer investment intended to address critical infrastructure investment gaps in order to aid economic recovery, social cohesion and environmental sustainability. While the significant level of investment allocated under the Framework is in line with European norms, will generate activity throughout the country and will provide adequate resources for the next five years it is not the true summit of our ambitions. I am very conscious that there is much more that we could do if we had additional funding available.

In this context, my Department has been working closely with the Department of Finance and the National Development Finance Agency (NDFA) to identify potential new sources of funding for infrastructure projects where it makes sense and offers value for money for the State. It should be noted however, that while infrastructure investment will play an important role in any stimulus package put forward by the Government, it is not the only way in which economic activity will be stimulated. My cabinet colleagues are also exploiting opportunities to create jobs and encourage economic growth. The Action Plan for Jobs 2012 sets out in detail many of the measures which are being discussed by Government.

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