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Treaty offers nothing but more of same – recession, business closures and unemployment: Tóibín

9 May, 2012 - by Peadar Tóibín TD


The Sinn Féin jobs and enterprise spokesperson Peadar Tóibín TD has today responded to the launch of Business for Ireland saying “all the Treaty offers is more of the same – recession, business closures and unemployment.”

Deputy Tóibín said:

“The Irish and Eurozone economies are now officially back in recession. Four years of austerity has crippled domestic demand. Last week the Irish Exporters Association said that Eurozone recession is slowing our export growth.

“Every week I meet with business people who are telling me that demand has dried up and people have no money to spend.

“Because of the policies of austerity over the last four years demand in Ireland and Europe has fallen off a cliff. This treaty will mean an extra €6 billion in tax increases and spending cuts post 2015. This will further depress consumer demand, pushing the domestic economy further into recession.

“The imposition of Austerity across the EU will further deepen EU wide recessions and depress our key export market.

“This is not theoretical, it’s not hypothetical. It is already the everyday experience of thousands of business people throughout the state. Ghost estates are being followed by ghost main streets. In every town and city throughout the state shop windows are being boarded up by the policy of austerity that is inherent in this treaty.    

“1,600 businesses have closed in the last year, a trend which is increasing with time. Last month five businesses closed every day, a higher figure than the daily start-up total. This Treaty’s draconian deficit rules will further contract our domestic and export market making Ireland less attractive for business.

“The Irish and Eurozone economies desperately need investment in jobs and growth. The Government and their EU counterparts are proposing the very opposite. The only way to generate growth is to improve competitiveness and simultaneously stimulate demand. This is recognised by the growing number of political parties, trade unions and electorates across Europe who are opposing the austerity.

“This government’s policy of austerity is becoming increasingly isolated within the EU. This Austerity Treaty is increasingly being recognised as unworkable. Now is the time for investment in jobs.”

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