A decade on from Lehman bankruptcy FG making wrong choices for Ireland

15 September 2018

Labour Finance spokesperson Joan Burton TD, speaking on the ten year anniversary of the Chapter 11 bankruptcy of Lehman’s Brothers said:

“On the 15th September 2008 the world changed when Lehman’s Brothers bank filed for Chapter 11 bankruptcy. It would have a profound and devastating impact on Ireland where the FF-PD economic model would be fatally undermined, destroying the security of hundreds of thousands of Irish citizens.

“Unfortunately for Ireland, not enough has changed, and the current Fine Gael led Government, supported by Fianna Fáil is making the wrong choices for Ireland.

“Ten years on, Ireland still has a dysfunctional housing system, with rapid price increases in the cost of a home over recent years, and spiraling rents reaching record highs.

“The two largest parties remain overly reliant on the private developer model of house building, and Fianna Fáil continue to call for tax breaks for landlords and developers. Little would seem to have changed.

“Ireland’s economy was painstakingly rebuilt since the crash and follow on EU-IMF bailout, but now the choices being made are undermining that hard work. Instead of investing in our infrastructure and building the homes we need, and fostering the skills and innovation for the next ten years; the focus of the main parties is on tax cuts and salting away €500 million in a Rainy Day Fund.

“Now is the time to invest in homes, schools and hospitals, and unlock the potential of those who want to work. Much more effort is needed to grow the level of apprenticeships, and ensure Irish people have the right skills and training.

“The Budget will offer a clear signalling point where we can definitively say Ireland has changed a decade on from Lehman’s but it would appear FG and FF are intent on repeating the mistakes of the past.”

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