We have heard talk this morning about the housing crisis and what the President said about it. I ask the Government to consider the introduction of a VAT refund scheme for first-time buyers of new or second-hand houses. More than half the cost of building a house is indirect and much of it goes back to the State. It includes 13.5% VAT along with all the other stamp duties, fees, planning and development levies and all of that. I ask that this be introduced in addition to the help-to-buy scheme, which I hope will be retained. The important thing here is to bring in a VAT refund scheme like the one we had in previous years where the money goes back into the hands of first-time homeowners and they can pay it back over a number of years. This would help them with their mortgage.

It is important that we have policy certainty in this area. We want to see the supply of new homes continue to increase. We had about 20,000 units built in each of the last two years. It will be probably around 25,000 this year. We need the figure to grow further. I am not going to add to any speculation as to what the Government may or may not do by way of further interventions in the market. Clearly all matters relating to taxation are considered in the context of the budget.