Apple windfall must be used to build homes – Labour Alternative Budget
Speaking at the publication of Labour’s Alternative Budget, Labour finance and public spending spokesperson Ged Nash TD outlined Labour’s proposed allocation of the €14bn Apple money over five years.
Deputy Nash said this windfall is a once in a lifetime opportunity to build homes, tackle the root of the housing crisis and end the boom-bust cycle of home building.
Deputy Nash said:
“Ireland is a rich country that feels poor. The Apple Tax Windfall of €14.1bn, coupled with the decision to place a proportion of Ireland’s ‘excess’ corporation tax revenues into two wealth funds – the Future Ireland Fund and the separate Climate, Infrastructure & Nature Fund (both supported by Labour), – can help transform Ireland.
“The conservative parties of Fianna Fail and Fine Gael have shown themselves to be incapable of using the public’s money well.
“Their record on housing, the National Childrens’ Hospital and other key infrastructure projects show that, left alone, they are incapable of deploying our wealth responsibly for the best social, economic and environmental outcomes.
“In addition, it is clear from the Parliamentary Budget Office’s Pre-Budget report that investment in real terms in infrastructure in Ireland is still below the high of 2008, and at no point between now and 2023 will that gap bridged, based on this government’s plans.
“For that reason, how we invest the €14bn tax from the Apple judgment must be left to the next government. Over the next five years, Labour in government would direct these funds, as follows:
- €7bn for housing deployed as follows:
- €6bn to seed a State Construction Company developed through the LDA.
- €1bn to support water infrastructure and servicing of land.
- €6bn for climate measures deployed as follows:
- €2.5bn for a National Retrofitting Plan to support street by street upgrades, and energy efficiency upgrades in the public and community sector, apartments and Approved Housing Bodies.
- €2.5bn for major public transport projects (Metro, LUAS, DART+, Bus Connects, rail upgrades) and balanced regional development.
- €1bn for the state to take direct equity stakes in Offshore wind developments, and mandating the Irish Strategic Investment Fund to do more in this area.
- €1bn for Health to create a Sláintecare Transition Fund,
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- €500m to be dedicated to support the rollout of digital health records in the new Regional Health areas.
“The Apple money represents a genuine windfall for the State and must be directed towards housing and infrastructure development. It gives Ireland the opportunity to plan with confidence, and invest in a better fairer, cleaner, secure future. It simply cannot be squandered.”