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Government’s failure to stimulate economy reflected in Exchequer figures - Morgan

4 October, 2010


Speaking today after the release of the Exchequer figures for September, Sinn Féin Spokesperson on Finance Arthur Morgan said that the figures were another ‘sorry lament’ for the public finances and a reflection of the untold economic damage being done to the public finances by the Government’s failure to invest in and stimulate the economy.

Deputy Morgan said:


“Today’s figures are another sorry lament for the State’s public finances, with the income tax revenues down by over 6% on the same period last year and down 4.4% on the Government’s estimate for the period.

“The Government and the Department of Finance continue to get these figures wrong despite their conservative estimates. It is clear that the failure of the Government’s forecast to materialise is symptomatic of the failure of their policies. These figures will not improve until job creation and stimulus is put firmly on the agenda.

“The deficit is a symptom of the crisis- not its cause. The hatchet budget that the Government will bring in December will squeeze the real economy further, growing the problem of exchequer returns even more.

“The overwhelming priority for this Government should be restoring growth, getting people back into work and restoring investment in our infrastructure and public services. These are the polices that will actually secure deficit reduction, because tax revenues rise and welfare spends lower as people are brought back into work.

“Investment enables growth. Deflationary policies that put too much emphasis on deficit reduction will crowd out productive expenditure. The failure of the Government to deal with the jobs crisis has directly led us to the current exchequer shortfall and this economic mess.

“If the Government continue down this path of austerity, they will exasperate the problems with the public finances to the extent that recovery will be crippled. Today’s figures are a sorry reflection of the untold economic damage being done to the public finances by the Government’s failure to invest in and stimulate the economy.” ENDS
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