30/11/2011
Chancellor's Statement Welcomed In NI
Northern Ireland could receive up to £200m more to spend on public services this year as a result of measures in the UK Chancellor's Autumn Statement on Tuesday.
The biggest slice will be for infrastructure projects, a move welcomed by Owen Paterson, Secretary of State for Northern Ireland, (pictured).
He said: "The Autumn Statement has reaffirmed the Government's commitment to protect our country through the global debt storm, to show that we can live within our means to protect confidence in our economy and keep interest rates low.
"As a result of Government spending announcements the Northern Ireland Executive will receive an additional £142m, the vast majority of which is for capital expenditure over the spending review period.
"While it is for the Executive to decide how this money is spent, it should come as welcome news for our construction industry in these tough times," he said.
He went on to say that deficit reduction is a major part of the plan and added that the previous Government left the biggest deficit in its peacetime history.
"The Office for Budget Responsibility re-affirmed that the Government will meet its targets to bring down the deficit. At the time of the election our long-term interest rates were higher than in Italy; they are now at German levels.
"That helps every business and family in Northern Ireland by keeping interest rates lower for longer.
"Every 1% rise in interest rates would add £10bn a year to households' mortgage interest payments. So tackling the deficit remains essential for our recovery.
"Northern Ireland will also benefit from a number of other announcements that the Chancellor made," he said.
"Pensioners will see a rise in the basic state pension of £5.30 to £107.45, the largest ever cash rise; the pension credit will be uprated by £5.35. We will also uprate working age benefits in line with September's inflation figure of 5.2%.
"This amounts to a significant boost to the incomes of many of the poorest in Northern Ireland.
"Northern Ireland smaller and medium sized businesses will have access to the £20 billion National Loan Guarantee Scheme, helping to lower the cost of bank loans.
"Belfast is included in the £100m urban broadband fund that will create ten super connected cities across the United Kingdom, essential to promoting economic growth in the regions," he said.
"This Government will do whatever it takes to protect the UK from the debt storm, while doing all we can to build the foundation for future growth."
The Stormont Finance Minister, Sammy Wilson also said that £134m of additional capital will be available for Northern Ireland over the next three years.
The Minister was speaking after the Chancellor delivered his Autumn Statement to the House of Commons.
He said: "The Executive will ensure the funding is allocated in a manner that will benefit the people of Northern Ireland.
"It is still in the early stages and I have not yet received details of the impact on our resource budget, however, I remain hopeful that this too will involve additions rather than reductions."
The Minister also outlined some of the benefits for Northern Ireland from UK wide measures announced in the Chancellor's statement.
These include: the deferral of the fuel duty increase planned for January 2012 and the cancellation of the original increase planned for 1 August 2012; and the growth review measures that may potentially benefit some 240 mid-sized business in Northern Ireland.
The DUP Minister concluded: "Whilst we wait to see the full outcome of the Chancellor's statement, at this stage it appears to be positive news for Northern Ireland. This is the sort of boost our economy needs to help it recovery during these difficult times."
(BMcC)
The biggest slice will be for infrastructure projects, a move welcomed by Owen Paterson, Secretary of State for Northern Ireland, (pictured).
He said: "The Autumn Statement has reaffirmed the Government's commitment to protect our country through the global debt storm, to show that we can live within our means to protect confidence in our economy and keep interest rates low.
"As a result of Government spending announcements the Northern Ireland Executive will receive an additional £142m, the vast majority of which is for capital expenditure over the spending review period.
"While it is for the Executive to decide how this money is spent, it should come as welcome news for our construction industry in these tough times," he said.
He went on to say that deficit reduction is a major part of the plan and added that the previous Government left the biggest deficit in its peacetime history.
"The Office for Budget Responsibility re-affirmed that the Government will meet its targets to bring down the deficit. At the time of the election our long-term interest rates were higher than in Italy; they are now at German levels.
"That helps every business and family in Northern Ireland by keeping interest rates lower for longer.
"Every 1% rise in interest rates would add £10bn a year to households' mortgage interest payments. So tackling the deficit remains essential for our recovery.
"Northern Ireland will also benefit from a number of other announcements that the Chancellor made," he said.
"Pensioners will see a rise in the basic state pension of £5.30 to £107.45, the largest ever cash rise; the pension credit will be uprated by £5.35. We will also uprate working age benefits in line with September's inflation figure of 5.2%.
"This amounts to a significant boost to the incomes of many of the poorest in Northern Ireland.
"Northern Ireland smaller and medium sized businesses will have access to the £20 billion National Loan Guarantee Scheme, helping to lower the cost of bank loans.
"Belfast is included in the £100m urban broadband fund that will create ten super connected cities across the United Kingdom, essential to promoting economic growth in the regions," he said.
"This Government will do whatever it takes to protect the UK from the debt storm, while doing all we can to build the foundation for future growth."
The Stormont Finance Minister, Sammy Wilson also said that £134m of additional capital will be available for Northern Ireland over the next three years.
The Minister was speaking after the Chancellor delivered his Autumn Statement to the House of Commons.
He said: "The Executive will ensure the funding is allocated in a manner that will benefit the people of Northern Ireland.
"It is still in the early stages and I have not yet received details of the impact on our resource budget, however, I remain hopeful that this too will involve additions rather than reductions."
The Minister also outlined some of the benefits for Northern Ireland from UK wide measures announced in the Chancellor's statement.
These include: the deferral of the fuel duty increase planned for January 2012 and the cancellation of the original increase planned for 1 August 2012; and the growth review measures that may potentially benefit some 240 mid-sized business in Northern Ireland.
The DUP Minister concluded: "Whilst we wait to see the full outcome of the Chancellor's statement, at this stage it appears to be positive news for Northern Ireland. This is the sort of boost our economy needs to help it recovery during these difficult times."
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
29 May 2012
Access To Republic Of Ireland Digital TV Channels Confirmed For Northern Ireland
TV viewers in Northern Ireland will be able to watch TG4 and RTÉ One and Two on Freeview following digital TV switchover, the UK Government confirmed today.
Access To Republic Of Ireland Digital TV Channels Confirmed For Northern Ireland
TV viewers in Northern Ireland will be able to watch TG4 and RTÉ One and Two on Freeview following digital TV switchover, the UK Government confirmed today.
02 May 2002
Northern Ireland receives cash injection from Chancellor
Prime Minister Tony Blair and Chancellor Gordon Brown have unveiled a range of financial measures aimed at boosting Northern Ireland's ailing infrastructure.
Northern Ireland receives cash injection from Chancellor
Prime Minister Tony Blair and Chancellor Gordon Brown have unveiled a range of financial measures aimed at boosting Northern Ireland's ailing infrastructure.
05 November 2014
QUB, UU To Accept 1,100 Fewer Students
Next September Queen's and Ulster University will together accept up to 1,100 fewer students as a result of education cuts announced by the Executive. The news comes in a joint statement released by Professor Richard Barnett, Vice Chancellor, Ulster University and Professor Patrick Johnston, Vice-Chancellor, Queen’s University Belfast.
QUB, UU To Accept 1,100 Fewer Students
Next September Queen's and Ulster University will together accept up to 1,100 fewer students as a result of education cuts announced by the Executive. The news comes in a joint statement released by Professor Richard Barnett, Vice Chancellor, Ulster University and Professor Patrick Johnston, Vice-Chancellor, Queen’s University Belfast.
06 May 2003
Empey challenges DUP to publish alternative proposals
Former Economy Minister Sir Reg Empey has challenged the DUP to publish their detailed proposals for ‘A Fair Deal’. In a statement, the UUP councillor said that now the Joint Declaration had been published - and with an IRA statement imminent - the time was right to see what alternatives the DUP could offer.
Empey challenges DUP to publish alternative proposals
Former Economy Minister Sir Reg Empey has challenged the DUP to publish their detailed proposals for ‘A Fair Deal’. In a statement, the UUP councillor said that now the Joint Declaration had been published - and with an IRA statement imminent - the time was right to see what alternatives the DUP could offer.
23 November 2016
NI Executive To Receive Additional £250m In Infrastructure Funding
Chancellor Philip Hammond has announced the Northern Ireland Executive is to receive an extra £250million in infrastructure funding. Mr Hammond made the announcement as part of the Autumn Statement and said the funds from the Barnett Formula will be spread over the next four years.
NI Executive To Receive Additional £250m In Infrastructure Funding
Chancellor Philip Hammond has announced the Northern Ireland Executive is to receive an extra £250million in infrastructure funding. Mr Hammond made the announcement as part of the Autumn Statement and said the funds from the Barnett Formula will be spread over the next four years.