Sinn Féin attacks our analysis of its policies

SINN FÉIN has condemned this newspaper's analysis of its economic policies as an "attempt to deride the party and marginalise its voters".

The analysis concluded that Sinn Féin's economic policies would immediately increase public spending by €5 billion every year with another €5 billion to €10 billion in once-off capital costs.

The report, conducted with the assistance of leading economists, found:

The party could not say where the money would come for its plans.

The proposals would inevitably lead to tax rises.

But Sinn Féin general secretary Robbie Smyth said the analysis was "the latest installment of an ongoing campaign". Writing in Sinn Féin's newspaper An Phoblacht, he said the aim was to convince voters they were misled.

"Following in the footsteps of Fianna Fáil ministers such as Willie O'Dea, as well the PD duo of Harney and McDowell, who gave us the excellent term of 'balaclava economics' in one of their previous rants, the Examiner took up where Tony O'Reilly's Independent News and Media left off in attempting to deride Sinn Féin and marginalise the party's voters," he says.

Despite Sinn Féin's Dáil leader Caoimhghin Ó Caoláin conceding to this newspaper that his party's policies are not as fine-tuned as would be desirable, Mr Smyth appears to have a different view.

"Sinn Féin's manifesto proposals were part of a well thought out analysis about what needs to be done to build an equal Ireland," he concluded.

Although he didn't contradict the €5 billion price tag placed on housing, health, education and childcare and service charges, instead describing it as a bargain, Mr Smyth admitted the only valid question is from where the money would come.

To this end he mentions a number of once-off sums, including the €1 billion collected in tax from DIRT and illegal offshore accounts, "billions" in foreign reserves in the Central Bank and €2.5 billion going into the Special Savings Accounts Scheme.

The Central Bank last week said it holds €450m in foreign assets to support the euro.

Taking all the sums cited by Mr Smyth together, Sinn Féin would still be left well short of €5 billion.

But the article claimed: "We will also have more scaremongering and lies about Sinn Féin's policies, anything it seems, that will prevent debate on the real issues."