The Londonderry Chamber of Commerce responded with caution to finance Minister Sammy Wilson’s announcement of the Draft Budget.
”The first positive aspect of the draft Budget is that it has been published – after weeks of uncertainty about whether devolved ministers would get this important part of their job done. Well they have and that is excellent,” said Jim Sammon, Chamber President.
”The second positive thing is that the two departments that have been given an uplift in their departments’ spending allocations are the two economic departments – DETI and DEL. We welcome the fact that the Executive has restated its commitment to economic growth as the main priority and by its actions in supporting that priority. We are also very pleased that capital funds for the creation of a radiotherapy centre at Altnagelvin have been confirmed.
”There is also the prospect of a third positive implication of the Budget – that the Executive’s ministers will consider the benefits of having the power to reduce the Corporation Tax rate in Northern Ireland. Sammy Wilson said this would be in response to the Treasury’s paper on Rebalancing the Northern Ireland Economy, so this sounds as if that paper, which we have yet to see, supports a reduction in the Corporation Tax rate for Northern Ireland. That would be an excellent move.
”However, there are several aspects of the Budget that are to be regretted. While we appreciate the Executive’s efforts to support the capital programme by diverting £250m from revenue spending to infrastructure expenditure, this still means that our capital programme going forward is not large enough to support the expansion of our economy. There is a lack of clarity about whether key infrastructure projects affecting the North West and City of Culture will now go ahead.
“We are also very concerned about how ministers will conduct departmental spending reviews. There are opportunities to make savings through the improvement of service delivery mechanisms and by rationalisation. It is to be hoped that ministers make the right choices and eliminate waster, rather than cut essential services that people in the North West, especially, depend upon.”
For further information contact the Chamber on 028 71262379.
It’s that time again folks, dreaming of a white Christmas? Well, let’s move swiftly on from that one! Thought I would close the working year with a bit of festive fun. Which sounds are we all familiar with over the season, why Christmas carols and songs of course. There really are some wonderful and timeless Crimbo tunes to be enjoyed that could put a smile on even the most miserable of Scrooges out there.
