Stormont To Support Industry In 2009

Stormont's top Executive Ministers have this week outlined plans to better deal with the recession into the New Year- including significant support for the construction sector.

They are about to engage further with banks and other financial institutions to explore means to ease the financial hardship being experienced by various sectors in the economy.

The First Minister Peter Robinson and Deputy First Minister Martin McGuinness have announced their new measures which aim to target both business and commerce as global 'belts are tightened' into 2009.

Mr Robinson said: "We have been clear from the beginning of this Executive that the economy was our priority. In light of the current global economic downturn, it has proven to be a wise decision.

"Since the beginning of the global credit crisis we have been watching the developing situation closely, consulting with a wide range of interested parties including the banks and local businesses.

"It became clear very quickly in these discussions that the myriad of problems we faced had no one single solution. We have therefore put together a range of measures as part of an overall package that will sustain Northern Ireland’s economy over the coming years and months while confidence returns to the global credit market," he said.

Mr McGuinness added: "These pragmatic and imaginative measures have been designed to help those in our society who have been hardest hit by the global downturn.

"Record levels of investment in our roads, schools hospitals and infrastructure will continue to create jobs in our hard pressed construction industry.

"Schemes to provide help to those who face difficulties with mortgages and fuels costs have been introduced and initiatives to assist our small businesses (SMEs) who form the backbone of our economy are being put in place.

"By engaging with a wide range of stakeholders we have been able to identify a number of measures that we believe will combat the worst local effects of the credit crunch.

"As an Executive we are united in our commitment to continue to do all in our power to ensure that our people are protected and sheltered in every way possible from the worst effects of the difficult times that we face," he insisted.

The package has been split into five broad areas covering energy and fuel poverty, debt arising from the increasing cost of living and unemployment, support for the housing market and construction industry, support for household budgets and support for businesses.

In dealing with the problem of energy prices the Executive welcomed this week's announcement by the NI Energy Regulator that energy prices would be driven down over the coming months.

Also, a total of £21 million has been allocated to the Warm Homes scheme to making housing more energy efficient and to deal with the increased debt that results from any economic downturn the Executive has put in place a £1.2 million contract to Citizens Advice for another three years to continue to provide free, effective, high quality debt advice at centres across Northern Ireland.

The Department of Social Development has also been allocated a total of £150 million for social housing and adjusted the scope of the co-ownership and house sales schemes to make buying a home more affordable.

To help the construction industry the Executive has also announced its intention to press ahead with proposals for the iconic Belfast Titanic Signature project and is providing more than £40 million towards the £97 million project creating more than 600 jobs.

(BMcC)