SF: 'Austerity treaty' is bad for jobs and growth

Sinn Féin has said that the EU Fiscal Treaty, to be voted on in a referendum on May 31, is bad for jobs and growth and if passed "will hamper any prospect of economic recovery".

The party's jobs and enterprise spokesperson Peadar Tóibín said that at a time when the Irish and Eurozone economies "desperately need investment in jobs and growth", the Government and their EU counterparts "are proposing the very opposite".

The Meath TD’s comments come as the Irish Exporters Association announce a slowing down of export growth and amid static CSO Live Register figures.

“Businesses, either foreign or domestic, operating in Ireland need a competitive cost base, a skilled workforce, access to markets and demand," Deputy Tóibín said.

"Demand in Ireland and Europe has fallen off a cliff due to austerity.

"This treaty will mean an extra €6bn in tax increases and spending cuts post 2015," he added.

"This will further depress consumer demand, pushing the domestic economy further into recession."

Deputy Tóibín also said that the treaty would result in governments across the Eurozone contracting their own economies, closing off one of our most important export markets.

“More austerity is the last thing that the Irish and Eurozone economy needs," he said.

"The only way to generate growth is to invest in jobs and strategically stimulate demand."