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This state needs sustainable indigenous productive jobs not property bubble deja vú - Peadar Tóibín TD

27 February, 2014

Sinn Féin Enterprise Spokesperson Peadar Tóibín TD has cautioned strongly against government plans to used localised property bubbles as a central plank of its jobs plan.

Speaking after the latest government ‘Jobs Action Plan’ press conference today, Deputy Tóibín said:

“It is shocking that Irish manufacturing and internationally traded sectors continue to be the poor relation in government policy, despite these sectors being the most productive and most sustainable in the long term.

"We welcome FDI. FDI is good but this government’s over reliance on it is certainly not.

“The latest manifestation of government policy we hear today comes with an ominous feeling of deja vú. There is no doubt that housing supply needs to be increased in certain parts of the state. We have long called for increased capacity in this sector but current government tax policy is clearly incentivising speculators in pushing up house prices to the cost of families.

“Government policy is increasing speculation but not affordable family homes. Speculators are piling into local markets at the expense of families. Also property is a major competitor of enterprise for funding and right now because of government Capital Gains policy, productive enterprise is losing out.

“It’s clear also that government FDI policy is creating a two tier economy with pressure building in Dublin but house prices, mirroring economic activity, falling in other parts of the state.

“History will repeat itself at great cost to society if this government continues to ignore regional balance and sustainable productive enterprise. “

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