Economy – Page 63 – Slugger O'Toole

The Programme and the Government of National Recovery. Let’s hope they live up to it.

Brian Walker on March 7, 2011, 12:01 am

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At the first reading of their Programme for Government, the difficult bit, Fine Gael and the Labour party have succeeded impressively in closing most of the gap between them on tax and cuts. Not that they had much choice. They will implement the €6bn of tax rises and spending cuts announced in December’s budget by the outgoing Fianna Fáil government. A further €3bn of public spending cuts and tax increases will be introduced in 2012, A compromise was struck between Fine Gael’s …

“the guiding principle for our final budget.”

Pete Baker on March 5, 2011, 11:27 pm

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Some points to note about the final budget as presented to the Assembly. From the Northern Ireland Finance Minister’s statement. Also, the Executive has agreed to introduce a measure of over-commitment on both the current and capital side. The overcommitment of £30 million per annum on both current and capital is really a ’self-help’ facility, made possible by better financial management across the public sector and the many revenue generating opportunities identified by departments. I believe that, in this context, …

POTD – Coalition ahead

Moochin Photoman on March 2, 2011, 11:09 am

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Moochin PhotomanPhotographer and visual artist based in Belfast. I have facilitated community based workshops with groups as diverse as visually impaired individuals in Dungannn, Travellers across Northern Ireland, Young Offenders and many community groups across Belfast. My work has exhibited extensively here in Northern Ireland in group and individual shows and has been shown in North America and i had my first solo international exhibition in New Zealand. I have been the recipient of a number of grants from the …

“Ireland failed this test of prudent fiscal management.”

Pete Baker on March 1, 2011, 3:44 pm

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As RTÉ reports, an independent review of the Department of Finance’s performance over the last ten years has found that the Irish government repeatedly ignored the Department’s “clear warnings on the risks of pro-cyclical fiscal action”. And that, “with very few exceptions”, the Irish government consistently implemented spending and tax relief policies “substantially above that advocated by the Department and Minister”. From the Independent Review Panel report’s summary [pdf file] 6. The Panel reviewed in detail the annual June Memoranda to Cabinet on Budget Strategy. Generally …

Mr Noonan “refused to engage in a meaningful manner”

Pete Baker on March 1, 2011, 2:28 pm

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With the economy and the state of public finances the focus of the recent Irish general election, despite attempts to pretend otherwise, here’s a report worth wider consideration. Ireland’s Criminal Assets Bureau (CAB) has been granted control of the assets of John Noonan, of Tallaght, Co Dublin, who had provided security for the film and music industry through his company Strand Security Services Ltd. Mr Noonan had declared himself a bankrupt last March and had debts of €4.2 million. From the …

Will Irish Labour take lessons from the British experience of coalition?

Brian Walker on March 1, 2011, 9:30 am

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The Guardian’s Wintour and Watt blog warns the Irish Labour party of the risks of taking the Clegg coalition route. Yet it’s still hard to believe that the coalition dance in Dublin is much more than a ritual. Comparisons partly depend on your outlook. Pro- Labour opinion in Britain likes to think that the Lib Dems are doomed already and warn Irish Labour against a similar fate. Gilmore’s Labour will know all too well that no Fine Gael led ( …

Rehn: “I expect this issue of pricing policy will be looked at from the overall European perspective…”

Pete Baker on February 28, 2011, 2:43 pm

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The European Union’s economic and monetary affairs commissioner, Olli Rehn, has been making somewhat encouraging noises [for the new Irish government] ahead of a series of key European meetings for the incoming Taoiseach. From the Irish Times breaking news report “We look forward to continue supporting the Irish people and the next Irish government in the implementation of the EU- IMF program, which is key for Ireland’s economy and its revival,” Mr Rehn told reporters in Brussels. “We have the common …

“Theirs is a vote for equality…”

Pete Baker on February 27, 2011, 10:11 pm

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One of the new TDs for Louth, and still Crown Steward and Bailiff of the Manor of Northstead, Gerard Adams, has thanked all those who voted for his party. “I want to thank everyone who worked for Sinn Féin and all those citizens who voted for us. “Theirs is vote is a vote for equality, a real republic and a United Ireland in which citizens are cherished.” Which might come as news to those who thought they were voting to [unilaterally] …

“It’s going to be a very very strange Dáil…”

Pete Baker on February 27, 2011, 5:22 pm

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As WorldbyStorm says at the Cedar Lounge Revolution This is all that 2007 was meant to be [albeit without the apostate Green Party, and one wonders what will happen to them short, medium and long term now that they are effectively cut off from both local and national representation], but somehow was delayed four years. It’s going to be a very very strange Dáil, one where the opposition is broken into fractions, but big enough fractions at that. And as with …

“Northern Ireland is a virtually irrelevant question in the Republic these days”

Pete Baker on February 23, 2011, 4:35 pm

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As Henry McDonald, in the Belfast Telegraph, notes of the Irish general election Rancour, too, is the order of the day in the secondary battle of this election – the one between Fianna Fail and Sinn Fein to see who comes in third place. The Soldiers of Destiny have turned their firepower on Sinn Fein, raising Gerry Adams’ IRA past, the Northern Bank robbery and the disappearance and murder of Jean McConville. Adams, meanwhile, made a huge gaffe on radio …

“Trench warfare has erupted…”

Pete Baker on February 22, 2011, 2:41 pm

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Via Newshound. In the Sunday Times Liam Clarke welcomes the “trench warfare” the parties are engaging in over the Northern Ireland Executive’s draft spending plans. Apparently, it’s better than the sectarian squabbling that went before… ANYhoo… From the transcribed Sunday Times article The eruption of public anger and megaphone diplomacy reflects the poisonous atmosphere around the executive table itself. McGimpsey needled the furious McGuinness by saying, “calm down Martin, don’t get so excited”. McGuinness and Robinson are both accustomed to …

“this is significantly exacerbated by the political situation in Northern Ireland”

Pete Baker on February 21, 2011, 3:44 pm

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As well as those briefings by the Northern Ireland deputy First Minister, both he and the NI First Minister have been dismissing political criticism of the draft NI Executive spending plans as ‘electioneering’. No doubt that’s a consideration for some, but it’s not a charge that can be levelled at the Assembly’s Finance Committee. And as the Belfast Telegraph reports, PricewaterhouseCooper’s economic analysis of those draft plans is that “the [NI] Budget may not be deliverable in its current form”. [Esmond Birnie, Chief Economist at PwC …

Ireland’s Problem: Getting and spending, we laid waste our powers…

Mick Fealty on February 18, 2011, 2:16 pm

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Anglo Unfinished - Gavin Sheridan

I was struck by Chris Caldwell’s clever (if predictable) play on the second word in the title of Ireland’s traditional party of government in his article on how Fianna Fail is finished [just like the Canadian Tories, peut-être? – ed]. Not a bad summary of the electoral reality confronting many working class Fianna Fail voters: In the grand old days before the Irish real estate boom collapsed, the ruling Fianna Fáil party used to campaign the fun way. Infamously, the …

Looking back at RICS Hustings and talking to Elliott and Ritchie about water charges, budgets, programmes for government and culling departments

Alan Meban (Alan in Belfast) on February 18, 2011, 12:42 am

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Panel at RICS economic hustings

The RICS Hustings event wasn’t a damp squid, but there were few surprises. Peter Weir (DUP) shone through as the most economically literate politician on the panel. He related the importance of the husting’s theme and the need for economic stability so that students wouldn’t “wander the world” like many of his peers had done to escape Northern Ireland. Margaret Ritchie (SDLP) slouched in her seat with her arms folded, and leaned in towards ringmaster Jim Fitzpatrick when she answered …

POTD – and people vote in Governments

Moochin Photoman on February 15, 2011, 9:35 am

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With an afternoon appointment in Dublin yesterday i took the opportunity to mooch and meander to my destination. The Election posters are out in full force as you’d expect, however one organisation www.upstart.ie have been putting up their own posters to raise awareness of the arts during the election campaign. A mixture of poems and visual art they really caught my attention. I have to say that i think this is a brilliant idea and raised more than a few …

Ireland and the ECB: “We have political power and we should use it”

Mick Fealty on February 15, 2011, 8:47 am

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Brian Lucey in the Irish Times: I RECENTLY had coffee with a former colleague who is now working in the financial services industry in Germany. He was at pains to stress that the general tenor of the German press, even among the tabloids, was that although Ireland had been stupid, feckless, and perhaps somewhat arrogant, it was in general a well-run European country that was at least trying, painfully, to get out of the hole it had in part dug …

“We are in some pickle now”

Mack on February 14, 2011, 5:14 pm

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Vincent Browne tracks the history of Ireland’s banking crisis in yesterday’s Sunday Business Post, ending with what must be the biggest understatement of the new millennium (see title). He argues that the EU will not countenance a restructuring / default of debts run up Ireland’s banks. But getting rid of some or all Of the bank debt will not be a runner in the EU, according to a source that knows. And disowning it all would cause massive problems, not …

Enda Kenny: “There will be no complacency from Fine Gael”

Pete Baker on February 13, 2011, 4:54 pm

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The latest Red C poll for the Sunday Business Post shows a little bit of movement in support for a number of parties. From the iol report In today’s Red C poll commissioned by the Sunday Business Post, Fine Gael stands on 38%, a rise of three percentage points since last Sunday despite the controversy over the party leader Enda Kenny’s decision not to take part in the first of the leaders debates. Labour is down two points to 20%. Support …

I understand the logic

Moochin Photoman on February 11, 2011, 1:35 am

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Apparently Moochin PhotomanPhotographer and visual artist based in Belfast. I have facilitated community based workshops with groups as diverse as visually impaired individuals in Dungannn, Travellers across Northern Ireland, Young Offenders and many community groups across Belfast. My work has exhibited extensively here in Northern Ireland in group and individual shows and has been shown in North America and i had my first solo international exhibition in New Zealand. I have been the recipient of a number of grants from …

“The problem is much more a pragmatic rather than a moral one”

Pete Baker on February 10, 2011, 12:09 pm

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In the Irish Times, former deputy director of the International Monetary Fund, Donal Donovan, provides a timely, and useful, analysis of the various parties’ positions on the €85 billion IMF/EU bail-out ahead of the Irish general election. Here’s what he has to say on “burning the bondholders”. From the Irish Times article A major element in all parties’ programmes is the call to renegotiate the debt owed to bondholders. Implicit in the tone of the Fine Gael and Labour (and even …