Saturday 10 December 2016

Social Democrats TD Stephen Donnelly warns of another 'macro-shock' to economy

Barry Lennon

Published 22/01/2016 | 13:07

Social Democrat TD's (L to R) Roisin Shortall, Stephen Donnelly & Catherine Murphy at the unveiling of their budget proposals and vision for rebuilding public services at Buswell's Hotel, Dublin
Social Democrat TD's (L to R) Roisin Shortall, Stephen Donnelly & Catherine Murphy at the unveiling of their budget proposals and vision for rebuilding public services at Buswell's Hotel, Dublin

Social Democrats TD Stephen Donnelly warned of another “macro-shock” to the economy, saying that his party would not get rid of USC, using tax revenue to combat a possible recession.

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Mr Donnelly was speaking at the Social Democrats manifesto launch where the party’s candidates announced that they would also provide NHS-style health policies and reduce the cost of living.        

“We are seeing what’s happening in China, in the emerging markets, America and the UK, this is absolutely not the time for Fianna Fail economics,” he said.

“We need to use the breathing space we have to invest, to get ready to back society and small business and to make sure the next time we don’t loose another decade the next time bad news comes Ireland’s way.”

“We would not erode the tax base, we would use that revenue to get us ready for next macro shock that is coming from China or somewhere else and we would use the money, which would be billions of euros a year, to invest in healthcare, to invest in education and to properly back Irish businesses so that they can succeed just as much as the multi national sector has.”

TD Catherine Murphy, however, said that nothing in their manifesto that is set in stone. 

“What we’ve set out in this is not a shopping list, it’s a vision. There’s more to be added. It’s not as if you can look at things in isolation. There is a relationship between them,” she said.

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