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Today’s Fine Gael U-turn: The Fiscal Rules – Doherty

6 July, 2017 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has remarked that today’s Fine Gael U-turn is on the issue of the fiscal rules. He was speaking after Minister Pascal Donohoe, under questioning in the Finance Committee, admitted that the demographic situation of Ireland means the fiscal rules need revision.

Deputy Doherty said:

“It seems following yesterday’s admission of a massive U-turn on its tax cutting agenda, we heard from the Minister for Finance today that he wants a reviews and changes in the fiscal rules. These are the same rules that were used to justify the brutal austerity inflicted for years without any complaints from Fine Gael.

“It is only now that they seem to have a problem with it.

“The Minister admitted today that the rules are not fit for purpose given Ireland’s demographic situation and capital needs. Sinn Fein always pointed out the fiscal rules were an ideological straitjacket that would prevent the necessary and economic social investment. I am glad to see others catch up with that view.

“There is now thankfully a building consensus even from those who championed these rules in Ireland that these rules are a drag on investment. For Sinn Féin, a very radical redesign of the rules is required while others are just looking for exemptions or adjustments. The important thing is that the conversation has begun. Hopefully, we will see concrete results before too much economic damage is done.” 

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