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THE LABOUR PARTY has announced it is walking away from government formation talks with Fianna Fáil and Fine Gael, following a meeting of its parliamentary party today.
Party leader Ivana Bacik called the leaders of Fianna Fáil and Fine Gael to communicate the decision.
Labour leader Ivana Bacik said her assessment following talks with Fianna Fáil and Fine Gael is that the policy gap between her party and both Fianna Fáil and Fine Gael is such that it would not be possible to implement the policy priorities in Labour’s “ambitious and radical state-led manifesto for change”.
“Therefore, the appropriate course of action is not to enter negotiations for government formation.
“The Labour Party will be a significant force in the 34th Dáil. With an expanded and revitalised parliamentary party, we will continue to constructively argue for the centre-left vision of Ireland that resonated with so many voters during the election campaign – and continue to build for our ambition to see a centre-left led government,” she concluded in a statement.
Speaking to reporters this afternoon, Labour’s Ged Nash said the key issues of contention include the Labour’s view on the delivery of state-funded childcare, the establishment of a State construction company, which Fianna Fáil and Fine Gael were skeptical about.
The election of Verona Murphy further complicated coalition prospects, it was stated.
The announcement today comes as little surprise to those in political circles, with the expectation now that the two larger parties are set to form a government with Independents.
Yesterday, Wexford TD Verona Murphy of the Regional Independent group was appointed as Ceann Comhairle after a receiving the backing of Fianna Fáil and Fine Gael.
The government formation talks are finishing up today for the Christmas period but are due to resume on 6 January, it is understood.
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They could nearly finish the chizzlers hospital if they could get that few bob.
@Noel Byrne: six of them even
@Noel Byrne: You mean to tell us that there’s a bottom, to that Black Hole???
Great to see that fanny Joey Barton get his comeuppance all the same.
@Setanta O’Toole: Even if he is going begging to pay the fine.
I’d like to contribute -€10,000 to it and give it to charity?
The original 14.3 billion in 2018 is equal to 17.5 billion now…… The fund is €13.774 billion as of last year…… WOW
@another one? what’s going on is the semi state sec: Yep a lot of funds lost value during and after COVID.
Justin looks a bit glassy eyed in the photo
@P. V. Aglue: Driving a 2025 BMW no less!
@john flanagan: back to the future
@john flanagan: he said the AI man was driving
Reminder that people have voted for this and for no change
@Dominic Leleu: well I voted for. Sinn féin as I have mostly over the years. I’m never going to vote for anti Europe anti abortion nut jobs.
On the Gross National Debt of €234.5bn looking at the NTMA figures it shows it at €221bn at end of 2023 but this excludes the €25bn of cash held by the NTMA.
This Debt is 44% of GDP and 76% of GNI
Net Government Debt taking into account cash and other financial assets held by the Government stands at €181bn or 36% of GDP and 62% of GNI
GNI is probably a better measure of our economic situation.
Simply stating that Gross National Debt is €234.5 bn is not the proper way of reporting.
@Paul O’Mahoney: €234.5 billion is the national debt.
With a population of 5.25 million, that’s €45,000 for each person.
Or €93,800 for every person in employment.
Any cash the state might have will disappear very quickly when a crash comes along.
@ItWasLikeThatWhenIGotHere: You are ignoring a few other facts too. Household savings are in excess of 160bn net household wealth is measured at 1.115trn although 68% of that is property with about 350bn mostly pensions and investment funds. Total household debt 130 odd bn of which about 100bn is mortgages.
As for debt per capita yes on a gross level but there are more factors to be considered, net debt per capita might be more important.
@Paul O’Mahoney: For comparison France has a Debt GDP ratio of 115% running a huge deficit and the EU are beginning the process of imposing fines .
Of course the French won’t rectify that so the ECB will cut interest rates again probably twice more which means cheaper money for mortgage holders, which is good news.
@ItWasLikeThatWhenIGotHere: Sovereign Debt never gets paid off and in truth isn’t a liability for citizens as income per capita is meaningless too.
The interest is important and at 3bn pa is very manageable given tax receipts, however the 25bn that comes from multi national companies shouldn’t be relied on for ever, that’s the risk and this was highlighted earlier this week by the Central Bank.
@Paul O’Mahoney: Housegold savings – whatever they are – are only important to that figure of national debt if the state intends to confiscate some of those.
By whatever means.
As you say, so-called “wealth” tied up in property – in the value of our homes – is meaningless.
Unless we are prepared to sell our homes and live on the streets.
And then we have that household debt to add to our woes.
@Paul O’Mahoney: Sovereign debt is very much a liability for citizens.
It is the taxpayer who have to service and pay down this debt.
One way or the other.
We have reduced the national debt slightly over the past few years.
That was by taxpayer money.
Money that could have been used elsewhere, such as investing in infrastructure.
If we did not have such an enormous debt then we would be far better off.
No way , screw you Apple !
We’re the Ralf Wiggum of global economies. lol
@Thesaltyurchin: In what way the figures suggest otherwise.
So we have only lost half a billion since 2018…happy days!!…NOT
Are the government afraid to take the money, they appealed the European decision, seems odd not to want to take billions
have your say