A National Infrastructure Fund would guarantee that capital projects are protected during downturns and avoid the need to play catch-up in later years
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While the challenges of population ageing are undoubtedly significant, certainty and reliability must be core to the future of the State pension. This requires a permanent and reliable source of tax revenue rather than variable and unknown potential dividends from a wealth fund. In either case those dividends could only ever cover a small fraction of future costs of an ageing society. Permanent expenditure commitments will need to be met with permanent revenues.
In addition, a recent analysis by the Irish Fiscal Advisory Council shows that because of higher inflation and underspends the real value of government capital spending between 2021 and 2025 will be 24 per cent lower than had been planned. Almost €20 billion in additional capital spending would be needed between now and 2030 to protect the existing level of project ambition within the National Development Plan.
Firstly, it would guarantee projects are protected during downturns. It would smooth tax receipts used toward public infrastructure over time. This would allow us to meet investment needs over the coming decade rather than spending all the money at the top of the economic cycle. It would lessen the need for rapid “catch-up” in capital spending and improve value for money.
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