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ESRI report a welcome dose of reality - Pearse Doherty TD

28 May, 2020 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed the publication of the ESRI's Quarterly Economic Commentary today, describing it as a 'welcome dose of reality'.

He said:

"Today's ESRI report highlights that the recession brought about by the Covid-19 pandemic will be longer and deeper unless we continue to protect the income of workers, increase supports for SMEs, and undertake a fiscal stimulus with universal healthcare and affordable housing at its core. This is what Sinn Féin have been saying for some time.

"We have also said that the Pandemic Unemployment Payment and the Temporary Wage Subsidy Scheme will aid economic recovery and safeguard household incomes. The ESRI correctly points out that if these supports are tapered off or discontinued, then this will undermine economic recovery and will lead to mortgage arrears and default.

"It would be disastrous for many workers and families if the government continues with their strategy to taper and cut these supports over the coming weeks and months.

"The ESRI also echoes Sinn Féin's call for additional grants and cash injections for our SME sector - the backbone of employment in our economy. The lack of support to date risks the survival of SMEs and will result in permanent job loss. Much more must be done through the provision of direct grants and zero interest loans to support small businesses.  

"Today's report is a welcome dose of reality for those who want to lead us down a new path of cutbacks and austerity."

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