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Fine Gael and Fianna Fáil Rainy Day Fund is policy on the hoof – Pearse Doherty TD

18 June, 2018 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD, has today said the so-called Rainy Day Fund is little more than a pre-election gambit by Fine Gael and Fianna Fáil.

The Donegal TD was speaking following reports that Fine Gael’s Paschal Donohoe is planning to earmark corporate tax receipts as a contribution to the fund.

Teachta Doherty said:

“The so-called Rainy Day Fund simply does not address the social crisis and economic instability fostered by Fine Gael and Fianna Fáil over successive budgets.

“Moreover, this is now an ever-changing proposal about two years in the making. Quite clearly this is a rehashed election gimmick, trying to create the illusion of stability for a government that is normalising the crisis see in housing and health services across Ireland.

“Not only does the Heads of Bill for this proposal make no mention of corporate tax receipts contributing to the fund, it forces the government of the day to divert €500m away from investment, regardless of the level of crisis in our public services.

“Indeed, this corporate tax idea is itself borrowed from Fianna Fáil's 2016 manifesto. Had Fianna Fáil fulfilled this pledge, they’d have tucked away €1.8bn this year in a Rainy Day Fund. This is the entirety of the fiscal space now remaining for the coming Budget.

“This is dangerous, on-the-hoof policy making in the mouth of an election. The consequences of Fianna Fáil’s 2016 pledge would now mean no investment in housing, no money for the health crisis, and no extra help for society’s most vulnerable in this year's Budget.

“We don’t need election plans. We need action; action to see off overheating and end Fine Gael’s homelessness crisis, and to stabilise our public finances and infrastructure after a decade of neglect, Sinn Féin would invest.

“To continue starving the island of investment and infrastructure at a time of great uncertainty and international volatility is, in effect, an attempt to normalise severe crisis nurtured by Fine Gael in government.”

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