Finance: Autumn Statement-regional impact
Thursday, December 22nd, 2011More capital spending and extra support for business are the main positives from the autumn statement but further cuts are expected in public service budgets. Northern Ireland is to receive an extra £142 million (including £134 million for capital projects) up to 2015 following the Chancellor’s autumn statement but may lose £150 million in current expenditure. Those reductions are expected in Barnett consequentials i.e. cuts in UK Government departments being matched by the Executive. The whole UK is expected to experience lower growth in 2012 (0.7 per cent) with the Government borrowing...[full story]
Finance: Robert Chote-forecasting ahead
Thursday, December 22nd, 2011Office for Budget Responsibility Chairman Robert Chote explains its forecasting approach to Peter Cheney and how corporation tax devolution would expand its remit. Whatever you think of its estimates, the Office for Budget Responsibility has established its independence as a professional forecaster, according to Robert Chote. agendaNi spoke to him at the Northern Ireland Economic Conference on the first anniversary of his appointment. “The key thing we needed to do on arrival,” he stated, “was to establish the reputation of the OBR as a source of rigorous, well-explained coherent...[full story]
Draft Programme for Government: Economy
Thursday, December 22nd, 2011While still keeping the economy as first priority, the draft Programme for Government offers few radical solutions for the province’s problems. As expected, the economy is described as the Executive’s first priority but its aims are considerably less ambitious than before. This reflects the recession but also the risk-averse influence of the Civil Service. Closing the productivity gap with Great Britain (a major goal for decades) is not set as a firm target. The previous programme aimed to halve the difference with the UK average (excluding South East England) by 2015. Instead, the...[full story]
Economy: Patrick Love-Triple A shocks
Thursday, December 22nd, 2011The causes of the Great Recession risk being repeated, Patrick Love contends, as he reviews the downturn. Globalisation multiplies the effect of new shocks in a way never seen previously. Financial crises and recessions are nothing unusual. There were 195 stock market crashes and 84 depressions between 1860 and 2006. However, the 2007 crisis marks a turning point in that for the first time the entire world was affected. The trigger was the collapse of Lehmans, which called into question one of the unspoken assumptions of global finance: some banks are too big to fail. This assumption...[full story]
Energy: Barclays – finance developments
Wednesday, December 21st, 2011Niall McInerney, Infrastructure and Structured Finance, Barclays Corporate, provides an insight into the investment opportunities and challenges that exist in the evolving electricity market: In 2007, the electricity market in Northern Ireland joined forces with its counterpart in the Republic of Ireland to form the Single Electricity Market (SEM). The SEM as a young dynamic market already faces a number of challenges, notably regulatory change driven by both local and European authorities. The UK Government’s current Electricity Market Reform (EMR) proposal, involving the creation...[full story]
Education: A viability audit for schools
Monday, October 10th, 2011Education is to change “from this moment on,” John O’Dowd has stated. agendaNi examines his plans for the system. A viability audit within six months will identify schools experiencing difficulties in enrolments, standards and financial feasibility, following an announcement by the Education Minister. Schools will be judged against the six principles in the sustainable schools policy which have not been implemented rigorously to date: quality education, a stable environment, a sound financial position, strong leadership, strong links to the local community, and stable enrolment...[full story]
Health: Reviewing health
Monday, October 10th, 2011Radical changes to health and social care are expected from the Compton review. Peter Cheney reports. The way ahead for health and social care in Northern Ireland will be marked out over the next two months as a comprehensive review of the system approaches its deadline. The review was announced by Health Minister Edwin Poots in June and is due to report back to him by 30 November. Poots selected John Compton, the Health and Social Care Board’s Chief Executive, as its chair due to his extensive experience but he is assisted by five independent advisors (see box). The BMA questions...[full story]
Education: Freezing student fees
Monday, October 10th, 2011The decision not to increase tuition fees for local undergraduates will not be replicated for students from England, Scotland or Wales who are considering studying here. Meadhbh Monahan reports. Capping student fees at £3,465 will cost the Executive £85 million over the next three financial years: £15 million in 2012- 2013; £30 million in 2013-2014; and £40 million in 2014-2015. The recurring shortfall will then be £40 million. The Department for Employment and Learning will contribute £41.5 million. This will be matched by the Executive by ‘top-slicing’ the budgets of eight...[full story]
