Following the publication of a report by the International Monetary Fund that has found two-thirds of Foreign Direct Investment in Ireland to be ‘phantom’, Teachta Peadar Tóibín stated:

“The economic model pursued by successive Irish governments is not only unjust, but it is also unsustainable. In its recent report, the IMF has pointed to Ireland as a tax haven facilitating the transfer of wealth for the world’s richest companies. Ireland is a key facilitator in the concentration of wealth in the hands of the 1% at the cost to the rest of society. But not only is such an economic model morally wrong, it has damaging practical effects.

“The IMF have made clear that almost two-thirds of the Foreign Direct Investment into Ireland is, in their words, ‘phantom’, that it is nothing more than hot air. This means that the government are giving a misleading account of the health of the Irish economy. It is therefore little wonder that while Fine Gael and Fianna Fáil sing the praises of the corporate economy, many parts of our society are falling apart at the seams and investment in public services continues to lag.

“It is also the case that Ireland is incredibly exposed. This money is phenomenally mobile. It is not rooted in normal economic competitive advantages but rather a bargain basement corporation tax policy. Change in EU and US tax policy could with the stroke of a pen wipe it out.

“It is highly irresponsible to use a phantom picture of our economy to plan for the future. Aontú stands for building real economic competitive advantages in transport, communications, education and skills, productivity and innovation”.