Sinn Féin Launch Pre-Budget Submission

Sinn Féin Launch Pre-Budget Submission

Cork Sinn Féin general election candidates Jonathan O’Brien and Chris O’Leary have claimed there is an alternative to the strategy of budget cutbacks and that the government’s policies will cost jobs and drive the economy further into recession. They were speaking as the party launches its pre-budget submission this morning.

In a joint statement, they said:

“Sinn Féin this morning becomes the first party to set out its detailed pre-budget proposals. All our ideas have been costed by the Department of Finance and independent economists.”

“The government has already imposed three hairshirt budgets and the only result has been to shrink the economy further. There is a better way, and it is laid out in our proposals.”

“Instead of cutting social welfare payments, taxing low paid workers and decimating services, we propose to reduce the deficit by taxing some of the huge amount of wealth that remains in the country. Instead of further deflating the economy we are proposing a €7 billion stimulus package.”

“Instead of pouring more money into zombie banks we want to invest in the country’s infrastructure and create jobs”

“We reject the entirely artificial 2014 deadline for reducing the budget deficit to 3% and want the timescale for the correction extended to 2016.”

“The government, Fine Gael, and the Labour Party are united in a consensus for cuts. They disagree only over the details. Sinn Féin rejects that consensus – nor are we alone. Significant elements of the trade union movement, the community and voluntary sector, and independent economists share our analysis. The challenge now is to create an alternative consensus, one that will prioritise job creation, stimulating the economy and fairness rather than the failed policies of the past two years.”

For further information or comment contact Cllr Chris O’Leary @ 087-2794307 or Cllr Jonathan O'Brien @ 085/2133907

Sinn Féin Pre-Budget Submission – Headline Figures

— Costed by department of finance and leading economists
— Reduce deficit by €4.6 billion
— Finance a 3.5 year stimulus package of €7.5 billion

Top Three Revenue-Raising Ideas

— Standardise all discretionary tax reliefs - €1.1 billion
— Wealth tax of 1% on all property in excess of €1 million, excluding primary residences and farmland - €1 billion
— Third tax rate of 48% on individual incomes in excess of €100,000 - €410 million

Top Three Savings Proposals

— Cap public salaries at €100,000 - €350 million
— Charge private patients the full cost of public beds - €305 million
— Move to generic drugs across the health service - €200 million

Key Points in Stimulus Package

— Funded by €600 million from revenue-raising and saving measures plus €7 billion transfer from Pension Reserve Fund
— €4 billion for labour intensive infrastructure over 3.5 years
— Return Christmas bonus - €226 million
— Ease recruitment embargo - €150 million
— Make tax credits refundable - €140 million