The reaction so far to Brian Lenihan’s first budget is that (a) this isn’t going to fix the problem of the unbalanced nature of the tax revenue base (b) the predicted parameters are (unemployment 7.3%, negative growth this year of 1.5% and next year 1%, and the deficit of 6.5%) very much on the optimistic side and hence they are hostages to fortune (c) and Lenihan has been far too technocratic in his choices and his demeanour on this – …
Langerland obviously had a certain Minister of Finance in mind when they made this… (not work safe, and slow download)… Not to mention throwing some of RTE’s economic doomsayers into the mix… Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty
Economic concerns loomed large on Stormont Live today. First up there was some to-ing and fro-ing between UUP MLA David McNarry and the Northern Ireland Finance Minister, the DUP’s Nigel Doods, on a claimed budgetary short-fall before, in the studio, economist Neill Gibson attempted to bring some clarity to the discussion – Adds related story here. Then down to Dublin, and Shane Harrison on the pre-budget speculation, and back to Neill Gibson again. Pete Baker
This piece comes with a health warning since it is based on a number of unnamed sources, yet it’s worth noting nonetheless. It alleges that the IRA’s financial portfolio has lost considerable amount of its value because those responsible for its management failed to take evasive action and “get out at the top of the property market and sink the money into high-dividend deposit accounts in Wall Street in the past few years.” It seems plausible given the dramatic turbulence …
Managing director of Weber Shandwick in Northern Ireland, former SDLP advisor, and blogger, Conall McDevitt was also on the Politics Show today arguing that the local media coverage of the DUP and Sinn Féin has changed as the Executive deadlock continues through the current credit crunch.. Although, my own take is that the more critical coverage of MLAs has been general rather than party-specific.. Adds Conall clarifies his point in the comments zone below. Pete Baker
Slugger’s inaugural MLA of the Year, Alliance Party deputy leader Naomi Long, was on the Politics Show today giving her party’s view of the current Northern Ireland Executive deadlock, and whether the Executive has anything to say about the credit crunch, as the war of words escalates.. Pete Baker
Here’s the opening discussion from today’s Stormont Live between Jim Fitzpatrick and political editor Robert Peston Mark Devenport. There’s a mention of the attempt to co-opt an Alliance MLA onto the Assembly and Executive Review Committee to discuss the devolution of policing and justice powers.. But mostly it’s about the stalemate at Stormont where “they’re beginning to run out of things to say..” Pete Baker
Brian’s hero, and mine, Robert Peston mentioned previously that “the spectacle of governments seemingly at odds with each other and with the Commission is unsettling, to put it mildly.” The New York Times expands on the wider problem While the European Central Bank has power over interest rates and broader monetary policy, it was never granted parallel oversight of private banks, leaving that task to dozens of regulators across the Continent. This patchwork system includes national central banks in each …
It’s not clear how much of a direct cause and effect there was between the announcement of the Republic of Ireland’s government tax-payer guarantee for Irish banks and the collapse of the loan arrangement for Munich-based Hypo Real Estate, but the sequence of events is worth noting given the role of HRE’s Dublin-based subsidiary Depfa. And there’s a facinating report in the Irish Times which hints at the possible connection. The Munich-based HRE says the problems stem from its Dublin-based …
Maman Poulet has a collection of links reacting to the Republic of Ireland’s government tax-payer guarantee to the banks, which we are told emerged following a meeting requested by the chief executives of the two main banks. Meanwhile Germany has joined in, apparently in response to a consortium of banks withdrawing support [pdf file] from a loan to Hypo Real Estate which was announced only last week. But if I was sceptical before, Robert Peston’s update to his post on …
Whether the Oireachtas is, as Brian put it, “performing an awful lot better than the US political system” is open to question. Whereas in the US public concern at the bail-out was reflected in the initial Congressional vote, in the Oireachtas the extension of the tax-payers’ guarantee reflected political concerns in the UK and the EU. The US Senate has now passed the bail-out bill back to the House of Representatives. But in the Republic of Ireland, despite Richard Delevan’s …
Sir George Bain’s report on the review of policy on location of public sector jobs has been received by the Finance Minister. Brief BBC report here and you can get the full report here. 27 recommendations in total. But there is a caution included in the report’s conclusion. 9.6 We also need to manage expectations. What we are recommending is, in our view, relatively small-scale. We nevertheless believe relocation has the potential to make a positive contribution to the Executive’s …
The BBC NI Politics Show unveiled a new feature today, a monthly report from their Dublin correspondent Shane Harrison. In the first instalment he outlines the likely impact of the credit crunch on a Republic of Ireland economy in recession and argues that, despite all the problems, compared to Gordon Brown, Taoiseach Brian Cowen is a “lucky leader” – it probably helps that TDs have other priorities.. Pete Baker
The trouble at Alitalia underlines just how powerful a departure Ryanair’s imitation of Southwest Airlines was for the European air industry. Yet, even as they take evasive action in the fuel crisis, they are surely taking risks with their ‘it’ll cost ya’ frills, espeically around their increasingly complex baggage allowance rates. My last two return flights with Ryanair (from Glasgow and Belfast) ended up costing us an extra twenty quid each time. You have to wonder just how sustainable this …
The Republic of Ireland’s economy is now officially in recession after a second successive quarter of negative growth and, as he told the BBC’s Noel Thompson, former Taoiseach Bertie Ahern is back to being a “constituency politician”.. Policing, and St Andrews, was dealt with at the beginning of the interview on Hearts and Minds today, by the end the discussion had moved on to the Lisbon Treaty, referenda, and the Mahon Tribunal.. Pete Baker
As modern US markets waver.. Apparently, “one in every 50 pound coins in circulation is counterfeit”. That’s more than 30 million fake £1 coins according to the BBC. They also have some helpful tips on how to spot a counterfeit coin. It’s been worse. Notably when Isaac Newton, yes that Isaac Newton, took on the role of Warden of the Royal Mint in 1696, and then Master of the Royal Mint – more on that time here. Of course, he …
Speaking of the Environment Minister.. I haven’t seen his reaction to this news. But the Economy Minister, his DUP party colleague Arlene Foster, has welcomed the combined study by the British Geological Survey, the Geological Survey of Northern Ireland, the Geological Survey of Ireland. Capturing carbon from the main emitters, such as power stations, and storing it underground in deep, secure geological formations, is an important technology that can reduce the release of CO2 into the atmosphere. CO2 captured at …
Perhaps the NewsLetter believes it’s printing the controversy with its continued focus on the Enviroment Minister’s apparent scepticism.. á la creationism.. Or perhaps the editor has been the recipient of some encouraging phone-calls – as described here. In either case the description of the authors of this article as “international scientists”, as the NewsLetter does here, is distinctly odd.. to say the least. One, John McLean, describes himself as a “computer consultant and occasional travel photographer” – he’s also a …
Despite being told previously that “additional contributions should be phased in with domestic households paying two thirds of their full liability in 2009/10 and full liability the year after”, and that “The Executive accepted the case made by the report that without an uplift in what people currently contribute, other public services would be deprived of funding.” It now appears that the Northern Ireland Executive, should it meet next week, might defer the introduction of the bill for those additional …
The full judicial ruling isn’t online yet. But the short BBC report gives us some of the relevant details. A construction firm excluded from bidding for government contracts, put at £800m, has won a High Court action. Lawyers for McLaughlin and Harvey Ltd had argued the Department of Finance’s shortlisting process was flawed and in breach of European law. Any ministerial comment on that? Adds In the comments zone Nevin points to an earlier interlocutory ruling in the case with …
