Saturday 18 November 2017

We must heed the warnings of past failures

Unqualified support for infrastructure spending does not serve the wider national interest

'The inefficiencies of the banking, finance, property and construction sectors, including some members of IBEC, brought Ireland to the IMF bailout department' Stock photo: Getty
'The inefficiencies of the banking, finance, property and construction sectors, including some members of IBEC, brought Ireland to the IMF bailout department' Stock photo: Getty

Sean Barrett

'Right now, Ireland severely lags behind our competitors when it comes to infrastructure and the cost of doing business. In fact, we are the lowest investors of capital in the EU, even though we have the fastest growing population.

"Our research shows that businesses make decisions regarding their location on a number of factors, and quality of life ranks high. If we want to continue to attract Foreign Direct Investment clients to our shores, Government must break away from the austerity mindset and ramp up spending on public infrastructure - it makes no sense to pursue a debt reduction strategy of 45pc of GDP which is well below our EU requirements of 60pc.

"This continued austerity could only be achieved by sacrificing much-needed public investment."

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