Vol. 226 No. 7
asked the Minister for Finance whether the Government have yet completed their investigations into the non-realisation of the goals of the Second Programme for Economic Expansion; and, if so, what changes, if any, are contemplated in the future economic policy of the Government.
95.
asked the Minister for Finance if it is proposed to revise the targets laid down in the Second Programme; and, if so, what revision is proposed.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 94 and 95 together.
There are several factors making for unavoidable delay in the completion of the mid-term review of the Second Programme for Economic Expansion, now in hands.
Work done in analysing the differences between targets and performance will have to be recast in the light of a substantial revision and enlargement now being carried out by the Central Statistics Office of some of the data for the years up to and including 1965, on which the analysis had been based. The new data, which will include a new series—estimates of output of the services sector—will not be available for some time yet. Other data are also awaited for revising estimates of national income aggregates for 1966 and for estimating likely trends in the current year.
Estimation of the public capital programme for the remainder of the decade, which is a critical element of national investment expenditure, must be given full and careful consideration in dealing with future resource allocation. The estimates for 1967-68 have been settled, but those for later years will not be available for some months. To these must be linked the national investment forecasts for the remainder of the programme and the assessment of other major variables such as savings, personal consumption and external deficits.
When allowance is made for these factors, for consultation with the National Industrial Economic Council and for consideration by the Government, it is unlikely that publication of the mid-term review will be possible before the middle of the year at the earliest.
Leaving aside the mid-term review, is it proposed, in view of the failure to reach the targets as laid down, to revise the programme?
Yes; I take it that will be considered and that, where desirable, revised targets will be set.
Would the Minister not agree that it is not just a question of fixing targets and that the problem is, as was pointed out by NIEC also, not merely the fixing of targets but the mapping out of the road by which the targets could be achieved? In other words, is it not a question of working out ways and means of achieving targets?
This does not seem relevant.
Would the Minister not agree that the whole approach to economic planning will have to be revised.
The planning is all right but it is what our people want to do that really counts in the long run.
Are you moving away from planning then?
No.
Then the remark is quite absurd.
It was not absurd.
But the Minister has no faith in planning?
I have every faith.
