Advertisement

'Populist' ideas of the far-left would hurt the economy - Donohoe

Finance Minister Paschal Donohoe has suggested 'populist' ideas from the far-left would hurt the ...
Jack Quann
Jack Quann

10.20 26 Feb 2021


Share this article


'Populist' ideas of the far-le...

'Populist' ideas of the far-left would hurt the economy - Donohoe

Jack Quann
Jack Quann

10.20 26 Feb 2021


Share this article


Finance Minister Paschal Donohoe has suggested 'populist' ideas from the far-left would hurt the economy.

He said while several ideas floated are attractive, there needs to be a balance.

He told Newstalk Breakfast large, multinational employers are essential to the economy.

Advertisement

"We're really successful in having lots of large employers within our country - we've never taken that for granted, we shouldn't take it for granted in the future.

"Those employers - combined with well-round finances before we went into the pandemic and the role of the European Central Bank - those three factors are critical in helping Ireland deal with the awful affect of this disease".

Minister Donohoe suggested populism poses a threat to the economy in the long-run.

"It's absolutely the case here that the far-left, and particularly the far-left that would aspire to get into government, many of the points that Sinn Féin make and have made in our recent past do take for granted the fact that we have large employers that are critical to how we can pay for the public services that we have.

"If we take those employers for granted... it does have repercussions."

He said ideas such as suggesting mortgage interest rates should be capped, or that loan book sales should be stopped, "have a huge attractiveness to them.

"But we have to get the balance right - and if you don't get the balance right, it can have consequences for jobs in our country and investment in our country".

He said a "broader debate" is needed on the factors that keep the economy going and make a contribution when it is needed.

On the pull-out of Ulster Bank from the Irish market, he said lessons need to be learned.

"We are in a very strong place from an international investment point of view

"On the other hand, we do need to reflect on what has happened here and why.

"This is a company that's been located here in Ireland for over a century, and they decided to leave.

"There are many, many other companies that are really important to our country that have been present in Ireland for a lot less time - and we need to ensure that we continue to have an environment here in Ireland that keeps large employers here".

"Maybe in the Ulster Bank decision there's something in there for us to reflect on in terms of decisions we could take in the future".

'Populist' ideas of the far-left would hurt the economy - Donohoe

00:00:00 / 00:00:00

   

Main image: Minister for Finance Paschal Donohoe leaving a Cabinet meeting in Dublin Castle in November 2020. Picture by: Sasko Lazarov / RollingNews.ie

Share this article


Read more about

Economic Recovery Far-left Multinational Employers In Ireland Multinationals Newstalk Breakfast Paschal Donohoe Populist Ulster Bank

Most Popular