Yesterday’s budget maintains the status quo and contains echoes of the bad old days of bogus growth and finding money down the back of the sofa.
Many of the banks whose reckless lending and gambling wrecked the economy, aided and abetted by Fianna Fail, will still pay no taxes for up to 20 years on profits of over €2.6 billion.
This budget did nothing to address this or the fact that vulture funds still operate under charitable status. While homeowners’ mortgages are being sold on to vulture funds they refuse to engage with the Oireachtas.
The paltry €40 million extra for local and regional roads is an insult to the people of Mayo. This week we see the R312 closed again as a result of flooding. This is the main road connecting thousands of people living in Erris from their nearest hospital emergency department. We have waited decades for this road to be done and we will still wait after this budget. It is unacceptable and intolerable.
While there is no action taken against the banks, we learn this morning that Micheál Martin the Fianna Fáil leader is seeking further tax incentives for landlords as part of the coming Finance Bill. Fianna Fáil’s only real impact on the budget is to look after their own, while under investment in key services continues.
The rainy day fund is being proceeded with even though it now emerges that it can only be used for bailing out banks again. The rainy day is already here for those waiting on hospital procedures, home care and medicines. The fact is that huge sums are to be stored up so that bankers’ careless behaviour can be covered up again. It is an insurance policy for the banks, while ordinary citizens have no protection against vulture funds. That is completely unfair and it is shameful that Fianna Fáil voted in favour of this measure.
I welcome the long awaited announcement of a redress scheme for households affected by Pyrite and Mica and I commend the action groups in Mayo and Donegal who have fought so hard for this scheme. The details and timeframes of this scheme are needed immediately. Many of the households affected have been waiting years for a solution and they should not have to wait any longer for reports. If it is to be done, the work should start immediately. I will be pursuing answers in the Oireachtas in the coming weeks.
