Economy

“continue to explore opportunities to draw in additional private-sector finance..”

| Readers 5

Having noted the Northern Ireland Executive’s decision to increase funding for the Titanic Signature Project I should, I guess, also note the progression of the bus-based Belfast rapid transport system.. except it’s the same pilot scheme revealed in April, which I noted then – it’s still estimated to cost £150million and the Department of Regional Development, having previously secured £111million of public funding, “will continue to explore opportunities to draw in additional private-sector finance”. It’s just taken this long to …

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Titanic Signature Project refloated..

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Pending the [failed] bid for £25million of lottery funding, in May 2007 the Northern Ireland Executive had agreed to provide £32.5million of the then £90million Titanic Quarter Signature Project [pictured above]. But nevermind, the NI Executive have just upped their our contribution to £43.5million of the now £97million cost.. From the BBC report The rest of the £53m funding will come from the Belfast Harbour Commissioners, Belfast City Council and private developers. Adds According to the Titanic Quarter Development website …

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Finance Minister on Hearts and Minds

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Just a case of documenting this, for now. Here’s Northern Ireland Finance Minister, the DUP’s Nigel Dodds, on Hearts and Minds last night. Pete Baker

“priority for countries like Ireland with relatively high deficits..”

| Readers 3

Yesterday the US Federal Reserve announced an additional $800billion stimulus package while today the People’s Bank of China are reported to have lowered interest rates by 1.08 percentage points [after three separate drops of 0.27% since Sept 16] and according to the International Herald Tribune report – “The European Commission on Wednesday outlined a €200 billion wish list of measures for Europe to spend its way out of recession, and gave national capitals permission to temporarily break budget deficit ceilings …

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“doing nothing is not an option..”

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Interesting to hear Northern Ireland Finance Minister, the DUP’s Nigel Dodds, on Stormont Live borrowing some lines from the UK Chancellor, the Labour Party’s Alistair Darling, to criticise the Conservative Party’s position on the Pre-Budget report – part2 of interview here. During his appearance – see below the fold – UUP leader Reg Empey picked up the economic ball and ran with it [Normalising Northern Ireland politics?! – Ed]. Reg Empey on Stormont Live Pete Baker

Slugger’s PBR Blogburst Special…

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Kicking off, Labour MP Paul Flynn thinks the Chancellor has shot the Tory fox… That’s not quite the impression you get from wandering the British blogoshere… Left have, it seems, resumed sullen silence… The right are in full cry… The big idea of the day comes from the Adam Smith Institute which suggests temporary tax measures are rubbish, and argues that tax thresholds should be raised (costing £19b) to help the poorest..- So what about Darling’s figures (upon which hangs …

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“There are various reasons why the law on begging needs to be reformed..”

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After rejecting the Chief Constable’s proposed cost-cutting measures – to balance this year’s policing budget – members of the Policing Board are meeting today with Northern Ireland Justice Minister Paul Goggins, MP. Meanwhile, in Ireland, Justice Minister Dermot Ahern is proposing a new law against certain forms of begging.. “There are various reasons why the law on begging needs to be reformed, not least the fact that some vulnerable members of the public are often fearful when approached on the …

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Darling gambles on an end to panic…

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All morning I cannot get the theme tune to that awful prize show from the seventies, Sale of the Century… Not sure what that means as an omen for our Financial futures, but the British Chancellor Alistair Darling hopes we’ll spend, spend, spend… With the UK and Irish governments treading in radically different directions, at least Northern Irish retailers will be coining it from their ‘Irish’ customers… Over at Brassneck, I look at what it might mean for the government’s …

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Local Councils and debt

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The BBC report some of the detail from a written answer from the Environment Minister, the DUP’s Sammy Wilson, on the scale of Local Council debt [scroll down] – total debt £376,624,626. And £30,309,077 of that total is owed by Ballymena Borough Council, Derry City Council owes £21,061,374, Coleraine £27,839,209, Belfast £20,875,428, Armagh £21,633,264, Lisburn £21,062,197, Newry and Mourne £21,779,190, Newtonabbey £28,362,873, North Down £24,445,650, and Antrim £23,097,402. But, importantly, £11,513,780 of Ballymena’s borrowing is “repayable on demand or within …

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“likely to further encourage shoppers in the Republic..”

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Given the weekend briefings I’m sure, as with immigration policy, that the Republic of Ireland’s government were already aware of today’s announcements in the UK government’s pre-budget report. RTÉ mentions the tax-exemption on foreign dividends but the iol report identifies another area with potential implications for Ireland. [But it’s patriotic to buy Irish! – Ed] Indeed. Adds BBC report. More from RTÉ – “ultimate act of patriotic sabotage.” The tax [VAT] reduction, set to be introduced on December 1, is …

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Twittering the PBR from 3pm…

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A big day for the government today… I’ll be Twittering it… Over at Brassneck, I’ve blogged a few collected thoughts on the PBR, and more extended thoughts on how the longer game is going from Friday… There is a school of thought that the Chancellor would be better advised sitting on his hands on fiscal measures and let his monetary agencies, the Old Lady and the FSA do what has to be done and preparing government for a rough ride… …

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Tories end tax squabble, but Brown has left them standing…

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On the right side of British politics there has been a long term tussle over taxation in play for some time. Some seem to think it has been resolved now, but the solution they appear to have chosen (fiscal tightening of public expenditure) looks as though they could be missing some more pressing issues in the global market place. Over on Brassneck I argue that there is a cultural problem attached to the fiscal issues the Tories want to address …

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“a call to patriotic action..”

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Another intelligent report from Hearts and Minds‘ Julia Paul. This time it’s the Republic of Ireland’s Finance Minister Brian Lenihan’s budgetary patriotic call to arms shopping aisles.. Irish shopping aisles to be precise [as opposed to? – Ed]. Indeed. Adds Trade union Siptu are at it as well – “Union calls on members to buy Irish” Pete Baker

“Our plan at the minute is to take the pressure everywhere but from recruiting.”

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The anticipated compensation payments might be considered to be legacy issues, but the £24.5million shortfall in the PSNI budget, which Chief Constable, Hugh Orde, has a legal obligation to balance, is a result of this year’s operational decisions. Still, with the politicians’ imperative the further delaying of water charges [until after the next election? – Ed] – apparently achieved by central government agreeing to waive charges due to be paid by the devolved administration – the Policing Board have voted …

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What on earth were they thinking…

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Yes Minister on how to rig Opinion Polls… Now take a look at this? I am not sure what on earth the City Council was thinking, but this is exactly the kind of skewing of public opinion mentioned in the episode. Okay, it’s an online poll rather than a carefully designed and controlled survey of local opinion. But best practice dictates the Council should be trying to find out exactly what the populus actually think, rather than leading them towards …

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“to maximise the return of money to members..”

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Will Crawley has some interesting detail on the relationship between the Presbyterian Mutual Society (PMS) and the Presbyterian Church. And with no apparent answer from the Prime Minister, despite the letter of encouragement from the Presbyterian Moderator, the BBC notes that PMS have taken that newly-legislated administrative option. From the BBC report. “My aim is to see if the society can be rescued or, if this is not possible, to ensure that the society is wound down in an orderly …

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“that advice has been in place for some time..”

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From today’s Politics Show, BBC NI Dublin correspondent Shane Harrison reports on one particular measure contained in the Republic of Ireland Finance Minister Brian Lenihan’s debut budget – the €2.8 million cut in State funding to 21 Protestant fee-paying schools. Church of Ireland reaction, as reported at the time. Pete Baker

“At this stage, no action has been taken..”

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I did ask what the Minister could do to help the Presbyterian Mutual Society. As Will Crawley notes, she can, apparently, expedite legislation to “give the society an administrative option it did not previously have” – go into administration or form a company voluntary arrangement. Although there doesn’t seem to be much more detail than that yet.. and the PMS seem to be waiting for the Prime Minister’s response to their request to guarantee members’ savings. BBC report In a …

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“just sitting there and hanging onto it is lose lose..”

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After spending over £19million on securing an unrestricted airport licence, and a proposed £46million in public funds on associated infrastructure, not to mention some loose change, and despite apparent denials by the public representatives, the BBC reports that Derry City Council Chief Executive, Valerie Watts, has confirmed that the council is considering selling City of Derry Airport by 2011.. if they can find a buyer.. Pete Baker

Irish Labour: hold taxes and raid pension reserves…

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Michael Taft can see a dim light from the end of the tunnel. Well not from the government, but he applauds Eamon Gilmore for setting a few things straight on the relationship between the economic reality and public expenditure: ‘The problem we have in the public finances is as a result of the fact that the economy is in a recession . . . we have a problem in the economy which has created difficulties in the public finances. It’s …

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