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Capital expenditure cut will cost 7,500 jobs – Tóibín

10 November, 2011 - by Peadar Tóibín TD


Sinn Féin enterprise spokesperson Peadar Tóibín TD has said the government’s capital expenditure cut is proof that the bailout of private bondholders and its associated austerity is the biggest threat to the Irish economy today.

Deputy Tóibín said today’s announcement will cost a further 7,500 jobs.

“The government’s capital expenditure cut is proof that the bailout of private bondholders and its associated austerity is the biggest threat to the Irish economy today.
"The government will reduce capital spend by €750 million resulting in a further 7,500 people being made unemployed.

“What we are witnessing is a debt-for-competitiveness swap where vital national infrastructural projects are being mothballed and the Irish economy is being physically weakened, because this government has decided to payoff unsecured, unguaranteed bondholders.

“This will result in higher costs to our citizens. It will make it harder for local businesses to survive and it will make Ireland less attractive to Foreign Direct Investment. Our future competitiveness and therefore our options for recovery are being significantly weakened by this government.

“Projects such as the Metro North, the A5 motorway to Derry and Donegal, the Dart underground and the Navan to Dublin railway would have significantly increased competitiveness and trade both in the mid-east and north-west region. The government’s commitment to build 40 new schools falls short of what is needed.

“There can be no recovery in this state without job creation. Capital investment in education, transport and technology create jobs immediately but also lead to increased competitiveness. Sinn Féin’s budgetary proposals to be launched next Tuesday will give detail to our investment programme.” ENDS

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