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The economic recovery will continue and strengthen into next year but it is an “unfortunate reality” that some companies will not survive in the post-pandemic world, the Minister for Finance has said.
Addressing an Oireachtas committee on Thursday, Paschal Donohoe said the Government cannot continue to finance large deficits.
“The current level of public spending is far in excess of what can be supported by the domestic tax base,” he said.
Mr Donohoe and the Minister for Public Expenditure Michael McGrath appeared before TDs and senators to discuss the Summer Economic Statement (SES), details of which were revealed on Wednesday.
Mr Donohoe said while corporation tax has helped to “plug the gap” in many areas of public policy in recent years, this may no longer be the case in the future as moves on global tax reform gather pace.
The SES outlines a core package for Budget 2022 of €4.7 billion with almost €3 billion expected to be set aside as contingency funding for income and business supports given continued uncertainty over the Covid-19 pandemic. In addition, €1.5 million is likely to be available for separate new measures in the budget.
Indebtedness
Mr Donohoe said allowing indebtedness to rise in order to absorb the shock from the pandemic and finance supports has been the appropriate approach to take. However, he added the worse effects of the pandemic have now passed.
“Our public debt ratio is now among the highest in the developed world, and is due to exceed a quarter of a trillion euro next year. Such a large debt burden increases our vulnerability and depresses the living standards of future generations,” he said.
Mr Donohoe also said that while the Covid crisis has dominated, the Republic faces other challenges, including the climate crisis and the transition to a digitised economy.
“We are certainly not out of the woods yet. Government policy will need to continue to adapt to the changing circumstances to sustainably build upon recovery and facilitate a transition to the post-pandemic economy that is as smooth as possible,” he said.