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]
Draft Programme for Government: Reform
Thursday, December 22nd, 2011Progress is promised on reforming education and local government after long delays. Apart from health and libraries, the last Assembly term was largely a missed opportunity for “Delivering High Quality and Efficient Public Services”. The draft Programme for Government’s reform plans, under that title, will be judged on whether education and local government are streamlined. Social clauses are due to be the first achievement of reform, introduced in 2012-2013. The most tangible benefit should be better access to life-enhancing drugs. Patients with rheumatoid arthritis, cancer, inflammatory...[full story]
Energy: Shane Lynch-regulation or competition?
Thursday, December 22nd, 2011Utility Regulator Shane Lynch talks to Owen McQuade about the challenges in regulating the electricity and gas sectors and how the 20 per cent renewable electricity target can be met. The Utility Regulator’s office has “evolved” to now regulate three utilities: electricity, gas and water. “There are two ends of the spectrum in terms of how we regulate. One is promoting competition where appropriate and the other is monopoly regulation”, observes Shane Lynch. “There are degrees along that spectrum and, where you land is a judgement call depending on circumstances.” Lynch...[full story]
Energy: McGrigors–ROC re-banding
Thursday, December 22nd, 2011Richard Murphy of McGrigors LLP discusses the mood in the market with the ROC Re-banding proposals for Northern Ireland. Hot on the heels of the ROC re-banding consultations in Great Britain, the recently published Department of Enterprise, Trade and Investment (DETI) ROC banding consultation has met with a broadly positive response in the local market. Whilst the document is still only consultative at the time of writing this article, it does provide specific insights into a transitional regime for UK renewables, starting in April 2012 and ending in March 2017. During this period the...[full story]
