January 5, 2021
Exchequer figures reflect robustness of public finances but unequal economic impact of the pandemic – Pearse Doherty TD

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has commented on Exchequer figures published today by the Department of Finance.

The Exchequer figures show a decrease of only 1% in income tax receipts despite an expected unemployment rate of 20% for the end of the year.

The Donegal TD welcomed a smaller than expected deficit of 5.5%, strengthening the ability of the State to protect incomes and support jobs throughout, and after, the COVID-19 pandemic.
 
Teachta Doherty said:
 
“Today’s Exchequer figures published by the Department of Finance reveal the unequal impact of this pandemic on our economy.

“Despite expected unemployment of 20% for the end of 2020, income tax receipts dropped by only 1% compared to 2019.

“This reflects the fact that job and income loss have been disproportionately felt by young and low-income workers.

“While VAT receipts have fallen by 18%, corporation tax enjoyed another bumper year, up by nearly €1 billion.

“This reflects the fact that COVID-19 and public health restrictions have damaged domestic firms and SMEs while leaving much of the multinational sector virtually untouched.

“This mixed picture, while good news for the public finances, reveals the uneven impact of this pandemic.

“Further surges in house prices show that, just as before COVID-19 struck, young and low-paid workers continue to lose out.

“A 25% increase in net voted expenditure reflects the interventions and supports put in place in response to this crisis. These were essential to protect jobs, support incomes and save lives.

“Sinn Féin argued strongly for the restoration of the higher rates of both the PUP and Wage Subsidy Scheme after they were cut in the summer by the Government.

“We welcomed the Government’s adoption of these policies.

“These Exchequer figures show that the public finances remain robust, further supported by ECB policy which has kept the cost of borrowing low.

“This is underscored by the €5.5 billion raised today by the NTMA at negative interest to fund public spending in 2021.

“As we emerge from this crisis, Sinn Féin will work for a fair recovery for workers and families, building an economy that is stronger, fairer and better.”

Follow us online

Latest Tweets

Today, Derry and Strabane turn another page in a transformative journey.

The largest investment in the area’s history—nearly £300m—is signed and sealed.

It’s now time deliver the best possible opportunities for all who call Derry and Strabane home.

The Fine Gael & Fianna Fáil government have a chance to make Ireland a better place to raise a family and build a future: Support Sinn Féin's plan to cut the cost of childcare, increase wages for early educators & build capacity in our childcare sector

https://childcare.sinnfein.ie/

Today marks a major milestone for the North-West with the signing of the £290m Derry and Strabane Growth Deal.

This investment will create better jobs and deliver transformative infrastructure, education, and tourism projects for our communities.

I believe in the potential of…

Israel cannot be allowed to ignore yet another UN resolution without sanction – @mattcarthy

"Israel continues to enjoy preferential relationships with European states, including Ireland, while it maintains its brutal assault on the Palestinian people."

Load More