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Ireland’s drop in competitiveness highlights failure of Fianna Fáil’s policy of cuts – Morgan

20 May, 2010

Speaking today after the latest World Competitiveness Yearbook saw Ireland’s rankings in terms of economic competitiveness slip from 19th to 21st place, Sinn Féin Spokesperson on Enterprise, Trade and Employment Arthur Morgan the results confirm that Fianna Fáil’s policies of cuts are failing and called for an economic stimulus package to be introduced.

Deputy Morgan said:

“For the last two years, the Government have been making drastic cuts to public services and social welfare in a bid to increase Ireland’s competitiveness. They unleashed a litany of cuts that, instead of stimulating the Irish economy, have depressed it. Today’s figures are confirmation that the failed policies of Fianna Fáil are detrimental to Irish competitiveness, Irish recovery, to job creation and to the Irish people.

“Securing improvements in competitiveness would improve prospects for retaining jobs and incentivise additional job-creation entrepreneurship. There is a pressing need to mitigate the impact of the recession on firms and employment through the introduction of a stimulus package, which the Government has failed abysmally to do thus far.

“Impediments to Ireland’s competitiveness include access to finance, inefficient Government bureaucracy and inadequate supply of infrastructure. Yet nothing is being done to remedy this.

“Ireland is not competitive. Cutting wages, slashing public services and delivering people into poverty will not make Ireland competitive. Yet this has been the only course of action taken by Government and today’s report has shown that this has in fact stunted our competitiveness.

“Competitiveness is underpinned by stable public finances, a working banking system and a broad vision for the economy and society. Fianna Fáil has provided none of these. There is no vision, there is no plan, just casino capitalism. Unfortunately speculation was prioritised over sustainable development.” ENDS

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