How we treat Irish investors does not make sense from a tax perspective. In the past, the primary way Irish people built wealth in Ireland was to buy additional properties, but for the vast majority this is currently out of reach. All the statistics tell us that Ireland has never been richer and, indeed, personal savings are at an all-time high. However, the scourge of personal savings is obviously inflation. People need to put their money to work. In other countries, exchange-traded funds, ETFs, are a logical and sensible way for ordinary people to invest in their families' future. In Ireland, however, the ordinary investor is hamstrung by the need for deemed disposal, which requires investors to pay a 38% exit tax on unrealised gains every eight years, even if they have not sold them. This tax on unrealised gains undermines compounding and penalises prudence. We need to change this. I will follow my question to the Taoiseach with one to the new Minister for Finance. Can we change this so that investing can be democratised and the ordinary people of Ireland have another safe mechanism to grow wealth?

It is a good idea to follow up with the newly appointed Minister for Finance on this issue. I agree with Deputy Neville. We have to look more generally at disincentives to investment and returns. This also affects quite a number of other areas. We need balance. When we try to do something like this, there is an inevitable cry that we are only looking after wealthy people and so on. We are trying to release money and capital into the economy. Britain has a far more effective framework on entrepreneurial reinvestment. We are not bad, but we could be better, in particular in respect of successful entrepreneurs who develop very good start-ups or companies that have grown to scale. When companies are sold, many go elsewhere instead of some of that money being used to build new start-ups and create an entrepreneurial dynamic.

We are working on that. The research and development tax incentive is a significant enterprise incentive.