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John O’Mahony TD Constituency Office, D’Alton Street, Claremorris, Mayo Tel 094 9373560 Fax 094 9373379 Dáil Office: 01 6183706 Text: 086 326 8041 Email: [email protected] www.johnomahony.ie One Year in Government In 2011, our first year in Government, we worked hard, with our Labour colleagues, to steady the country by stabilising the public finances, the banks and the jobs market. We know that we have a difficult road ahead, but we are on the right track to get Ireland working again. ON THE RIGHT TRACK THE ECONOMY ➤ EU-IMF bailout programme renegotiated to rebuild international confidence in our economy and public finances, saving the taxpayer €10 billion in the process ➤ Agreement reached with the Troika to use €1 billion from the sale of non-strategic State Assets for job creation ➤ 2 universal pillar banks – Bank of Ireland and AIB – now focused on the domestic economy ➤ The cost to the taxpayer of bailing out the banks has been cut by €18 billion ➤ €1.1bn private investment in Bank of Ireland shows confidence is returning ➤ Exports continue to rise, with the value of Irish food and drink exports up by 12% in 2011 to an all-time high of €8.85 billion ➤ €17 billion will be spent on capital projects over the next five years on new schools, hospitals and treatments centres and the construction of a new Luas line for an integrated light rail network JOBS ➤ The Government’s Action Plan for Jobs will drive the changes needed to support business and help entrepreneurs to create new jobs ➤ More than 20,000 new training and job placements, including the national internship scheme ‘JobBridge’ that has seen the placement of over 5,000 interns ➤ Cutting VAT on tourism-related services from 13.5% to 9% resulting in an additional 6,000 jobs in the tourism sector in the second half of 2011 ➤ The IDA had a record year with 13,000 new jobs ➤ Major investment from big multinational companies such as Twitter, Google, PayPal, EA Games, Microsoft and a host of pharmaceutical companies ➤ Capital budget of the Department of Jobs, Enterprise and Innovation will hit its highest ever level with €1 billion being provided over the next 2 years Halving of employers’ PRSI for lower- paid workers and restoration of the minimum wage A 30% increase in companies investing in Ireland for the first time in 2011 Losses have been imposed on subordinated bank bondholders to the value of more than €5 billion 12.5% corporation tax rate successfully defended
