Posts tagged ‘Finance’
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]
Finance: Independent Commission on Banking
Monday, October 10th, 2011The Independent Commission on Banking has called for ring-fencing of retail banking operations to protect the public from future banking crises. Stephen Dineen outlines the main recommendations. The Independent Commission on Banking report published in September called for a ring-fencing of retail operations and new rules on loss absorption so as to minimise the exposure of the taxpayer, but the Government has given a deadline of 2019 to implement the changes. Chaired by Sir John Vickers, former Chief Economist the Bank of England, the commission produced proposals in three main strands:...[full story]
Finance: Rebalancing the economy
Monday, April 18th, 2011Peter Cheney reports on what the Treasury paper means for corporation tax and growing the private sector. Getting a Secretary of State, First Minister, deputy First Minister and three other party leaders smiling in agreement together is probably a record in itself, especially six weeks before polling day. The Treasury’s corporation tax paper is also a milestone after years of Whitehall opposition. David Varney rejected the suggestion in 2007 but Owen Paterson ran with last year’s Economic Reform Group report and lobbied the Treasury after entering government. He credits Sir George...[full story]
Finance: The Budgets
Friday, April 15th, 2011Northern Ireland decides its spending plans for the next four years as the UK Budget throws up few surprises. “The cards we were dealt by Westminster mean that the Northern Ireland Executive, like Scotland and Wales, has no choice,” stated Sammy Wilson as debate commenced on 9 March. Changes from the draft Budget include rises for education, health and employment, which inevitably mean deeper cuts elsewhere. The Assembly will be cushioned, with a final figure of £44.1 million in 2014-2015, up from the planned £39.4 million. To deal with terrorism, the PSNI can also access £200...[full story]
Finance: Draft Budget
Friday, January 28th, 2011An overview of the draft Budget’s main points. It was an “invidious task”, according to Sammy Wilson, to manage a “significant real terms decrease” in funding. However, a “slash and burn” policy “would not have been in the interests of the people of Northern Ireland.” Covering 2011-2015, the draft Budget is out for consultation until 9 February, therefore allowing for a final Budget that month. In keeping with the times, those responding will not receive acknowledgement letters. While most parties condemn the Coalition Government for spending cuts, the Budget quietly...[full story]
Finance: Assembly spending review reaction
Wednesday, November 3rd, 2010Assembly members were called back from recess to discuss the way forward after the spending review announcement. The special debate focused on how the cuts will affect Northern Ireland and put the main parties’ views on record. DUP Peter Robinson Our allocation was set not only for the £18 billion, but that the capital budget for policing and justice would take account of us at least being able to deliver those specific projects. All of that has gone. This is a major challenge. People do not want grandstanding on this issue. They want us to be able to deal with these matters...[full story]
Finance: Think tank reaction
Wednesday, November 3rd, 2010agendaNi reviews how the spending review was received by the UK’s main think tanks. “By cutting spending by 77 per cent and raising taxes by only 23 per cent, a larger burden will fall on those who rely most on public services,” according to the Institute for Public Policy Research (IPPR). It warned that “by cutting so far and so fast the Chancellor is putting the economic recovery at risk” and added that “while relative protection has been given to investment in transport and science, overall infrastructure spending is still being sharply cut, particularly on social housing...[full story]
Finance: Sinn Féin’s economic plan
Wednesday, November 3rd, 2010agendaNi unpacks Sinn Féin’s economic plan. Resistance to British cuts, Sinn Féin’s previous stance, is still a theme in ‘There is a better way’ but receives much less publicity than before. The party accepted that a £1.9 billion gap would need to be filled and its overall approach is to invest strategically out of a recession, rather than “slash and burn”. The party is also candid about Ireland’s current economic status i.e. “two failing economies competing back-to-back” but blames the border, warning that “continued partitionist economics will fail another generation.”...[full story]
