Signs of stability emerging - Tánaiste

THE ECONOMY is not out of trouble yet but signs of stability are emerging, Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan said yesterday.

The Tánaiste also defended her recent comments that the professions need to reduce their fees to enhance competitiveness in the economy.

Speaking as she arrived to launch a new range of paints for Colourtrend in Celbridge, Co Kildare, Ms Coughlan said she had recently completed a tour of businesses in the southeast, where it was clear there was “some stability” taking place in the market.

She said the maintenance of more than 50 jobs at Colourtrend and the company’s launch of new products was an example of “stability and hope”.

The Tánaiste said the biggest issue being raised by companies was “getting the banking system back to lending money to business”. She said measures to deal with this were being announced yesterday afternoon by Government, in relation to Nama.

She also stood by her comments about a lack of competitiveness among the professions which she made in her address to the MacGill Summer School earlier this month. She said the Government was not prepared to back down in its drive to increase competition and get better value as it tackles the economic crisis.

The Tánaiste had then specified the charges levied by “engineers, architects, the legal profession, dentists and others”. But asked yesterday if she was aware her comments had caused offence, particularly among architects, many of whom were now unemployed, the Tánaiste insisted she did not specifically say architects were at fault.

“I said there was a number of professional fees that needed to be reduced. There are many people, naturally, who have lost their jobs. There are others who have had to take changes in their own professions.”

In relation to professional charges generally, she said she expected to be vindicated by an upcoming report from the National Competitiveness Council.