Posts tagged ‘Economy’
Economy: Corporation tax devolution – the process
Wednesday, September 7th, 2011Peter Cheney considers the steps needed to devolve corporation tax powers. Devolving corporation tax in Northern Ireland would be a first for the UK but the national fiscal and political landscape is rapidly changing. Tax devolution is normally advocated by nationalists as a move towards sovereignty. The Coalition Government, meanwhile, believes that the regional tax variations concept can stimulate economic growth and also reduce the block grants paid out by Westminster. The DUP, UUP and Alliance support devolving corporation tax to boost the regional economy. In theory, the Scottish...[full story]
Economy: Corporation tax – the case against a cut
Wednesday, September 7th, 2011Cutting local corporation tax attracts support from the main parties and business groups, but other politicians and the unions dissent. agendaNi summarises the opposition. The Unions Cutting corporation tax would transfer wealth “from the poorest to the richest, as public services are cut to fill the gap,” according to ICTU Assistant General Secretary Peter Bunting. There is no guarantee that jobs will follow or that profits will stay in Northern Ireland, Congress warns. It adds that the Celtic Tiger depended on extra factors, including the IFSC and the euro. A policy mix, it contends,...[full story]
Economy: Enterprise, Trade and Investment Committee
Wednesday, September 7th, 2011agendaNi profiles the members of Stormont’s main economic committee. Alban Maginness Chair Party: SDLP Constituency: Belfast North Alban Maginness is SDLP spokesman on justice and chair of the party’s Assembly group. Maginness is also a member of the Assembly’s Justice Committee, Procedures Committee and Treasurer of the All-Party Group on Co-operatives and Mutuals. He was a member of Belfast City Council from 1985 until 2010, and in 1997 became the first nationalist to be elected Lord Mayor of Belfast. Maginness has been an MLA since 1998. He was called to the Northern...[full story]
Economy: Mike Smyth – rebalancing the economy
Wednesday, September 7th, 2011Northern Ireland faces a decisive choice between continued fiscal dependence or taking a risk for a better economic future, Mike Smyth contends. Fundamentally, a growing private sector would cut the province’s annual £8 billion bailout from Westminster. Why are we debating the issue of rebalancing the local economy? There are at least seven good reasons why: • First of all I should be clear to most readers of this magazine that our existing economic development policy is not working effectively as can be seen all too clearly in the local labour market. • Secondly the structure...[full story]
Economy: Manifesto summary
Wednesday, September 7th, 2011An updated overview of the Assembly parties’ policies on economics, finance and business following the election. Enterprise, Trade and Investment Minister: Arlene Foster MLA Assembly Private Secretary: Alastair Ross MLA Finance and Personnel Minister: Sammy Wilson MP MLA Assembly Private Secretary: Simon Hamilton MLA Westminster Business, Innovation and Skills Spokesman: David Simpson MP The DUP’s Assembly manifesto put forward ambitious goals for economic recovery. On corporation tax, its aim is a 10 per cent rate. Reducing “crippling” air passenger duty rates...[full story]
Economy: Accelerating growth – Kate Barker interview
Wednesday, September 7th, 2011Lower corporation tax will take the Northern Ireland economy to a new level, Kate Barker predicts. Peter Cheney talks to the Economic Advisory Group’s Chair. A tremendous will to make things better is one of the main positives for Northern Ireland’s economy and lower corporation tax can lift it to a new level, according to Kate Barker. The Economic Advisory Group (EAG) for Northern Ireland, which she chairs, was established in May 2010 to advise Arlene Foster and other Executive ministers. The EAG has concluded that lowering the corporation tax rate “does offer the real prospect”...[full story]
Economy: Continuous innovation – Petri Lehto interview
Wednesday, September 7th, 2011Finland has developed a model for innovation with lessons for other small economies. Petri Lehto, Head of Innovation at Finland’s Ministry of Employment and the Economy, talks to Owen McQuade about the success of Finnish innovation policy. Innovation fits with the Finnish character according to Petri Lehto, Head of Innovation at Finland’s Ministry of Employment and the Economy: “Expect the worst and solve the problems.” The Finns regard themselves as problem- solvers, which Lehto believes comes from their geographical location in the North, where survival in the cold has always...[full story]
Economy: Manufacturing update
Wednesday, September 7th, 2011Output and productivity in manufacturing increased in the first quarter after a bleak 2009-2010 period across many sub-sectors. Manufacturing output grew by 1.2 per cent in the first quarter (January-March) this year according to the Northern Ireland Index of Production. The index, which measures output in the manufacturing, electricity, gas and water, and mining and quarrying industries, shows there was a 15.2 per cent decline during Q2 2010-Q1 2011 period, but the modest increase in the first quarter comparing well with the 0.8 per cent increase across the UK. Quarter 1’s growth...[full story]
Economy: Agriculture update
Wednesday, September 7th, 2011Richard Halleron reviews the year so far for the farming and food sectors. Input costs remain high but farmers benefit from the end of cheap food. It’s time for a half term report on the state of agriculture in 2011. Talk to any local farmer about the state of his business at the present time and, invariably, he will give the following response: “I am happy enough with prices but input costs are far too high.” The reality is that fertiliser, feed and fuel costs look set to strengthen in the medium and long term. These are the three main inputs, which farmers must buy to secure...[full story]
