Today’s exchequer figures pour further scorn, if it were needed, on the Government’s Transport Plan, Labour’s Finance Spokesperson, Deputy Joan Burton has said.

“How can the Government credibly claim to have a €35 billion plan, when they can’t spend €3.6 billion.

“The target for exchequer capital spend for the first ten months of this year was set at €3.6 billion. The outturn is €3.1. In fact, compared to the first ten months of 2004, capital spending has increased by only €50 million, or a mere 1.7%.

“The idea that this Government will be able to ramp up spending to the level suggested in the Transport Plan is nothing short of ludicrous.

“All the big strategy documents and all the slick presentations won’t hide the facts. This Government is incapable of delivering capital projects on time and within budget.

“The Government are asking the people to make a leap of faith that they can, on transport alone spend, €9million per day. In the first ten months of this year, they have barely managed to spend €10 million per day from the exchequer in all Government Departments combined.

“The positive tax returns are clearly welcome, but we must not sight of significant structural imbalances in the economy. We are still over-dependent on the construction sector, as evidenced by the strong returns in stamp duties. However, there is increasing evidence of yellow-packing in the construction sector, and the general over-reliance on construction for employment growth is a serious concern.

“Minister Cowen has also not yet offered a convincing explanation for the weakness in corporation tax returns. Compared to the same period last year, corporation tax receipts are now down by €328m.”