HOWLIN BRENDAN A4 REPORT_Layout 1 26/11/2013 17:06 Page 1
Minister Brendan Howlin TD Minister for Public Expenditure and Reform
WORKING TOGETHER
OUR ECONOMY – GROWING AGAIN As a Party we made one overriding commitment to the Irish people at the last election. We promised them we would fix this broken economy and get Ireland’s sovereignty back. And, as we proved on November 14, when we announced a clean exit of the bailout, we were as good as our word. After taking office I doubted this could be done. The scale of the challenge facing us was enormous. We have had to take tough decisions, decisions which would have been inconceivable in any other circumstances. We are now turning the corner. Growth is back. Employment is growing. Unemployment is falling. With a fair wind the sacrifices made over the last few years will ensure a better future for our young people. Despite what we’ve gone through, we remain a dynamic, capable and innovative people. Labour can be proud of the role we’ve played rescuing our country from the follies of the Fianna Fail led Government. They cannot be allowed rewrite history and pretend they were not responsible for what befell this country. We’ve done a job we can be proud of. Proud that we were able to keep things going and deal with the social consequences of the greatest depression endured by this country since independence. Our tax system is progressive and despite the huge increase in the numbers in payment we have maintained basic social welfare payments.
STIMULUS – NECESSITY IS THE MOTHER OF INVENTION Given the financial pressures facing our economy the opportunity to grow our way out of our economic crisis was limited in the short term. As public spending Minister I looked around for policy options that support jobs and growth despite the limitations we were working under. To raise capital to build a badly needed Children’s Hospital for example, I offered the licence for the national lottery on a longer term basis than before generating €200m for investment in that hospital and a further €200m to promote jobs and development this year. In July 2012, I announced a €2.25bn stimulus initiative to support economic development with the flagship project the new DIT campus in Grangegorman. I am pleased to report a steady stream of progress on the primary care centres, the schools and the roads set out in the plan. Labour in Government has also been the driving force behind the conversion of the National Pension Reserve Fund into the Irish Strategic Investment Fund which will be established formally by legislation in the coming months. The limited sale of state assets scheduled to bring dividends in in 2014 should also provide us with a further opportunity to increase investment in jobs and infrastructure next year.