Sinn Féin would “blow up” Ireland’s finances, claims Geoghegan

Fine Gael TD James Geoghegan has claimed that Sinn Féin would “blow up” Ireland’s finances at a time of international uncertainty.

The Dublin Bay South TD made his comments after Sinn Féin launched their alternative budget plans.

Sinn Féin attempted to answer the question of how would the opposition pay for their plans to run the country, and Geoghegan insists they aren’t good enough.

Dubbing Sinn Fein’s finance spokesperson Pearse Doherty “Europe’s longest-serving opposition finance spokesperson (a reference to the fact that Doherty has held that brief since 2010), Geoeghan said that Sinn Féin’s taxes would “turbo-charge inflation.”

Geoghegan called Sinn Féin’s plans “reckless,” and said it would reduce foreign investment in sectors such as pharma and ICT,

While the government has received criticism for making Ireland’s tax receipts so dependent on foreign direct investment, Geoeghan insists that approach is the backbone of Ireland’s economic model.

Sinn Féin propose 21 separate taxes worth €4.7bn. This includes removing tax credits and introducing a new rate of income tax.

“Less FDI means fewer jobs of every sort, including ordinary middle-income jobs, and jobs in local SMEs that provide support services,” he said.

The Dublin Bay South TD criticised Sinn Féin plans to spend €7 billion more in capital investment, warning it would lead to inflation in the construction sector.

“We do need more infrastructure, but capital investment has to be responsibly increased,” he said.

Geoghegan criticised Sinn Féin for planning to spend €5 billion more than the Budget parameters currently allow, and dubbed the proposals “extremely risky.”

“Everyone loses out when you wreck the economy,” he said.

“Sinn Féin will hurt businesses with proposed wage increases of €1.10, which at 7.8% is more than double the rate of inflation and greatly in excess of general wage growth in the economy. It’s almost 40pc higher than the independent Low Pay Commission has recommended,” he noted.

Geoghegan insisted that next week’s Budget will “make people feel the strength of the Irish economy in their everyday lives.”

“It will use the resources we have to help people who work hard to get ahead, not just get by. It will also allow people to feel the benefit of their hard work in their own pay packet,” he said.