Senator David Norris has observed that the budget announced today will involve an adjustment of €2.5 billion, constituting both taxation measures and expenditure savings. As unpalatable as those measures will be, I am glad that the Minister has not succumbed to the austerity junkies - many of them members of my own party - who are unhappy with measures amounting to €2.5 billion and instead wanted to take €3.1 billion, €3.5 billion or even €4 billion. The Minister has not been swayed by their argument, for which I am thankful.

I hope the budget includes some incentive to repatriate the €100 billion that left this country when the banks were going down the tube, the majority of it to Germany at 0%. Such an incentive would help to re-finance the banking sector in order that it can resume lending and help businesses to get back on their feet. That is the best way to get people back to work and, ultimately, to restore the economy.