Sinn Féin launch advert criticising FG tax plans

Finance Minister Michael Noonan has said that there will be around €12bn of fiscal space – or surplus money – available to spend on services.

However, Sinn Féin Finance spokesperson Pearse Doherty has this afternoon said that these projections “simply don’t stand up to scrutiny”.

Media scrum for our latest billboard campaign #ReadyWhenYouAreEnda pic.twitter.com/BOPYvpvlpK

— Sinn Féin (@sinnfeinireland) February 2, 2016

Fine Gael have promised to will also phase out the USC and will introduce a "rainy day" fund of €2.5bn.

Mr Noonan said the abolishing USC would cost €4bn in gross terms, but this would be offset by a clawback on salaries over €100,000.

Sinn Féin President Gerry Adams said Fine Gael are “repeating all of the same type of promises that they made before the last election”.

Mr Doherty added: “Fine Gael have been caught out on their election promise that they can abolish the USC.

“They have presented to the Irish people that there is more additional fiscal space than actually exists.

“They are scrambling the numbers trying to confuse the Irish people in a deeply dishonest debate.”

Mr Doherty said the figure of €12.7bn of available fiscal space doesn’t take demographic pressures, public sector wage increased and capital spend which he said would amount to €4.1bn.

“So the real fiscal space available is €8.6bn,” he said.

“You can’t allocate 50% to USC cuts, 25% to contingency, 70% to public spending - Fine Gael figures don’t add up.”