Fuel cost intervention
Deputy McGrath welcomed an imminent intervention on rising fuel costs and urged it be brought in quickly. The Tánaiste said the Government intended to finalise and approve a package next week, with speed and flexibility key criteria.
I welcome confirmation of an intervention to address rising fuel costs. This is critical for diesel, petrol and home heating oil in particular. Our motorists, businesses, householders and hauliers need support and need intervention. I know it is being finalised at present and the Tánaiste cannot reveal the details today. I ask that it be brought in place as early as possible next week after the Cabinet meeting. As we know, the country has battled inflation in recent years and we have managed to get it under control, down to 2.2% last year, which is very welcome. As we know, fuel costs ultimately affect everyday items in a shopping basket and we have to ensure that does not happen. That is why it is critical that these supports are brought to bear as soon as possible. I ask that they be as broadly based as possible and implemented once they are agreed early next week.
Comment on this
I agree with everything the Deputy has said. It is our intention to finalise a package. It is our intention to agree that package at Government next week. One of the criteria that we have set for measures we bring forward is whether they can be put into effect quickly. While I am not talking about the Deputy, people in this House, often those on the Opposition benches, have ideas, even some good ideas, but actually it is about looking at what we can do quickly and also providing ourselves with the flexibility to respond to a fast-moving and evolving situation. Anything we do in the first instance should be for a short period of time to allow us that agility, as a State, to respond.
The Deputy is right on inflation though and this is a concern I have as Minister for Finance. Today, the focus is on energy but the longer this conflict goes on, the greater the impact on inflation is. The country has made a lot of progress on inflation. Real wages are rising now and inflation is falling. That is why, alongside the interventions, we need to continue to call for de-escalation. That is, of course, the best economic intervention we can seek.