asked the Minister for Finance if the recent speech made by him in Copenhagen in which he advised Governments to cut back on credit and to curtail Government expenditure, is to be taken as indicative of contemplated similar action on the part of the Government here in the near future; and if he will make a statement in the matter.
Ceisteanna—Questions. Oral Answers. - Credit Controls.
101.
My relevant remarks on the occasion in question differed from what the Deputy has suggested. In referring to the present world-wide inflationary trend and the need to moderate it so as to achieve the goals of full employment and a high sustained rate of growth, I said that income increases must be brought more closely into line with productivity rises, that governments must keep their expenditure within reasonable bounds and that excessive credit must be avoided. These principles apply to this as well as to other countries suffering from inflationary pressures and the measures announced for price and income controls here are in line with them.
I am arranging to have copies of my speech in Copenhagen placed in the Library for the information of Deputies.
102.
asked the Minister for Finance if he intends to take steps to control the price of credit as part of his anti-inflationary measures, and if not, why not.
103.
asked the Minister for Finance if he will take immediate steps to reduce the overall levy of interest rates from the present crisis high level; and if he will make a statement on the matter.
With your permission, a Leas-Cheann Comhairle, I propose to answer Questions Nos. 102 and 103 together.
My proposals for the control of prices and incomes will be set out in a Bill, the text of which I hope to be in a position to circulate shortly. It would not be appropriate for me to go into any detail at this stage.