FINE GAEL Dublin South byelection candidate George Lee was sharply criticised by Minister of State for Finance Dr Martin Mansergh.

Dr Mansergh said he welcomed the entry into the political arena, on the other side, “of a nationally known economics journalist, particularly when he was beginning to find too onerous the requirements of maintaining objectivity and impartiality on the national broadcasting station”.

He added: “I would not be inclined to quibble too much over any slight messiness in the transition.

“As someone who had to resign his position in 1981 as a permanent civil servant, where political impartiality is required, and without any prospect of a way back, in order to work in the political sphere, I am torn between regarding the right to return, albeit to a less high profile position, as a better arrangement, or asking whether it is the type of feather-bedding that has us all in trouble.”

Dr Mansergh said it should be recognised that the ability to analyse and criticise trenchantly was not necessarily the same as the ability to devise solutions and win sufficient support to implement them.

He referred to a 10-point economic plan, drawn up by the former RTÉ economics editor and published in the Evening Herald.

While it would be fine as an aspirational wish list, it did not even begin to add up, Dr Mansergh said.

Speaking during the resumed debate on the Finance Bill, Dr Mansergh insisted that the Government presiding over the boom had left a positive legacy and balance sheet to be seen all around the country, in virtually every community.

However, far too much loose money went into property investments that was not really needed.

He added: “Indeed, one of the byproducts of the introduction of free third-level fees by the rainbow coalition was to enable wealthier parents to buy up apartments for their sons and daughters, when studying.

“Construction activity was further boosted by tax incentives that have been dismantled, but in some cases not perhaps quite soon enough.” Dr Mansergh said that while social partnership was a cornerstone of the State’s prosperity, greatly improved pay and conditions, which outpaced most other countries, had been agreed as the price of social harmony.

“The Opposition and the media backed virtually every spending demand on the grounds that the country was awash with money,” he said.

“Opinion polls confirmed that people wanted better services, provided they did not have to pay for them in higher taxes, relying on tax buoyancy instead.”

He said the sudden impact of the crisis had been severe.

“Never has the intervention of the State been in such demand, not long after it had been declared almost redundant by neo-liberal ideologies,” Dr Mansergh said.

He warned that if there was a change of government over the next three years, “the public should watch out for the abrupt change of tune as parties enter Government Buildings, though with an ever more strident blaming of Fianna Fáil, when they realise that in most matters they can do little different but follow the same course”.