Fianna Fáil have promised to consider holding a referendum to cap personal injury awards if in power and to significantly redirect resources to fund public services.

Announcing plans to grow the economy and to continue to negotiate Brexit, party TDs pledged stability and ways to protect the public finances.

Finance spokesman Michael McGrath said his party, if in Governmnent, would await the outcome of judge-led group currently looking at injury award guidelines.

There was also a law reform commission report which had recommended options to address high costs for consumers, including using legislation to ultimately help set compensation payments.

Mr McGrath attacked the outgoing Fine Gael government, questioning why no senior government had been in charge of insurance costs reform. He said it was all very well to have a junior minister looking at the matter but that, there was “no Cabinet input”. He added that the government had "failed" in office to reduce premiums for businesses and consumers.

However, when pressed by the Irish Examiner, he said that Fianna Fáil was “not ruling out” a referendum, as has been proposed by the outgoing Fine Gael-led government to potentially empower ministers to cap injury awards.

“It may be necessary”, added Mr McGrath

He also said that more transparent was needed on compensation awards as well as cases that involved fraud.