11/12/2003
Full employment possible says Minister
Finance Minister, Ian Pearson has welcomed Wednesday's Pre-Budget Report (PBR) saying it confirmed the Government's intention of providing full employment in Northern Ireland.
During his speech to Parliament, Chancellor Gordon Brown made clear that the UK was closer than it has been for three decades to full employment.
With reforms to encourage greater flexibility and fairness, the PBR will further advance the goal of full employment to every region and every nation in the UK, he said.
Mr Pearson said: "Having reformed the economy since 1997 the PBR marks the next stage – to achieve, in our time, and in each region and nation, a more flexible, a more enterprising, full employment UK: a UK of economic strength and social justice.
"The PBR confirms the Government’s intention to further strengthen the NI economy, with a view to achieving full employment. Unemployment remains at low levels whilst employment has risen since 1997 by 7.2%.
"The reforms to reduce the regulatory burden on enterprise and measures to overcome barriers to raising finance for small businesses will help NI meet the productivity challenge."
The Minister also indicated that the increase in the Child Tax Credit, Child Benefit and the Basic State Pension would benefit the most vulnerable members of local society.
The increases in the child element of the child tax credit by £180 from April 2004 will benefit 132,500 working families in NI whilst the increase in the basic state pension will benefit 254,000 pensioners in NI.
In summary, the Minister added that as a result of personal tax and benefit measures introduced since 1997, householders in NI will be, on average, £1225 a year better off in real terms.
(MB)
During his speech to Parliament, Chancellor Gordon Brown made clear that the UK was closer than it has been for three decades to full employment.
With reforms to encourage greater flexibility and fairness, the PBR will further advance the goal of full employment to every region and every nation in the UK, he said.
Mr Pearson said: "Having reformed the economy since 1997 the PBR marks the next stage – to achieve, in our time, and in each region and nation, a more flexible, a more enterprising, full employment UK: a UK of economic strength and social justice.
"The PBR confirms the Government’s intention to further strengthen the NI economy, with a view to achieving full employment. Unemployment remains at low levels whilst employment has risen since 1997 by 7.2%.
"The reforms to reduce the regulatory burden on enterprise and measures to overcome barriers to raising finance for small businesses will help NI meet the productivity challenge."
The Minister also indicated that the increase in the Child Tax Credit, Child Benefit and the Basic State Pension would benefit the most vulnerable members of local society.
The increases in the child element of the child tax credit by £180 from April 2004 will benefit 132,500 working families in NI whilst the increase in the basic state pension will benefit 254,000 pensioners in NI.
In summary, the Minister added that as a result of personal tax and benefit measures introduced since 1997, householders in NI will be, on average, £1225 a year better off in real terms.
(MB)
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