Donohoe: Diageo shares won’t influence decisions
Finance minister moving drink firm shares into wife’s name
FINANCE Minister Paschal Donohoe has insisted that shares he got in drinks giant Diageo “will have absolutely no impact” on political decisions he makes.
He was challenged on the issue as he was quizzed by TDs on his plans for Budget 2018.
Sinn Féin TD Pearse Doherty said he presumed there would be alcohol-related tax measures in the Budget and wanted to give Mr Donohoe an opportunity to reassure the public there is no conflict of interest.
Mr Donohoe said his wife Justine formerly worked for Diageo and she received shares as part of her compensation while she worked there.
“Because we’re a married couple a portion of those were in our joint name,” he said.
“The matter was raised with me and I have taken them out of my name, or I’m in the process of doing that, and they will be in my wife’s name,” he added.
He said the shares “will have absolutely no impact whatsoever on any decision that I make”.
Mr Donohoe also said: “For the record I have not worked for that industry, and I declared those shares because it’s right and proper that I do so in compliance with all the legislation in the area.”
Separately, Mr Donohoe told the Committee on Budgetary Oversight that he’s not expecting to find extra cash for spending and tax cuts.
It came after Fianna Fáil finance spokesman Michael McGrath asked about the calculation of the fiscal space, saying that in previous years there had been “significant late changes of the order of hundreds of millions, including last year”.
Fianna Fáil was angered at not being informed of the extra cash the Government announced at the last minute in 2016. Earlier Mr Donohoe had said there is around €350m in unallocated fiscal space for Budget 2018.
He told Mr McGrath: “We’re not expecting any change in net fiscal space at all.”
Mr McGrath also asked if there will be a Brexit package in the Budget, citing measures to help small and medium businesses or farmers.
Mr Donohoe confirmed there will be measures to counteract Brexit – though he did not say what they will be – and insisted the Government isn’t complacent on the challenge faced by the country.
The committee chairperson, Fine Gael’s Josepha Madigan, raised Taoiseach Leo Varadkar’s remarks that he wants to avoid sharp increases in the Local Property Tax when its due to be reviewed in 2019. She asked if any measures on the issue will be included in the Budget.
Mr Donohoe said he intends to stick to the 2019 timeframe for making changes to the LPT but that he’s conscious of the concerns of householders – which have been raised by Ms Madigan. He said the Government will seek to avoid a scenario where people are faced with large changes in their bills.
TDs also asked about plans for the Government’s ‘Help-to-Buy’ scheme for first-time buyers, but Mr Donohoe declined to go into detail on any changes that may be under consideration.