Public Finance

Wide disparity in rates increases: Public Finance

Northern Ireland’s 26 district councils have agreed their domestic and non-domestic rates for 2010/11, with variations in the increases imposed ranging from zero to more than 8%. 
Dungannon & South Tyrone Borough Council has avoided any rise in either category, while Moyle District Council has increased domestic rates by a mere 0.03% and non-domestic by just [...]

Ireland in crisis: Public Finance

 
Crisis creates opportunities. But whether those opportunities are used for good or bad ends depends on who holds the power – and also on the perspective of what actually is ‘good’ or ‘bad’.
 
It is, alas, self-evident that things cannot go on as they are in terms of public sector spending. The scale of the banking [...]

Easy Rider: Public Finance

If there is such a thing as a ‘normal’ finance minister, then Sammy Wilson is definitely not it. Informal, politically incorrect and with an approachability that is decidedly unusual, Northern Ireland’s finance minister is not the model of a modern politician.
‘Sammy’, as he is almost universally known, is a man apart. Visitors to the chancellor [...]

Irish cuts are hurting: Public Finance

 
Public spending cuts of 8.5%, involving “initial reductions” of 17,300 jobs, have been proposed to the Irish Government to help get its public finances under control. The measures are proposed by economist Colm McCarthy at the request of finance minister Brian Lenihan, who called for a national debate on them.
 
McCarthy’s proposed cuts amount to €5.3bn, [...]

Don’t bank on it: Public Finance

The irony of a New Labour government nationalising the commanding heights (commanding depths, actually) of the economy is almost beyond satire. Yet every household in the UK now has £3,000 at stake in the Royal Bank of ­Scotland and the Lloyds Banking Group.
But, as the old investment warning goes, the value of shares can go [...]

DUP shakes-up ministerial team: Public Finance

One of Northern Ireland’s most controversial politicians is to become its finance minister.  Environment minister Sammy Wilson outraged environmental campaigners by denying any link between climate change and human activities.  He takes-up the position of finance minister over the summer.
Outgoing finance minister Nigel Dodds steps down to concentrate on his role as an MP, as [...]

NI health finances under pressure: Public Finance

 
Health bodies in Northern Ireland face spending pressures that risk pushing them into deficit, warns the Northern Ireland Comptroller and Auditor General, John Dowdall, in his annual report on the health and social care sector for last year.
 
Dowdall also warns that an over £1bn major capital redevelopment programme is “a significant test” for management. He [...]

Capital punishment: Public Finance

New Labour has made great play of its shiny new schools, hospitals and transport projects. But, reports Paul Gosling, this great building programme is about to come to a grinding halt as capital spending is expected to halve over the next four years
On the surface, there are positive signs for public sector capital projects. Two [...]

Child support debt jumps: Public Finance

Northern Ireland’s Child Support Agency has a gross debt of £82.6m, the annual report from the Northern Ireland Audit Office reveals.  Of this, £35.7m is collectable, believes the NIAO. 
 
But the NIAO is concerned that the collectable debt figure is rising annually and increased from £29.9m the previous year, 2006/7.  The NIAO is also concerned [...]

Enniskillen hospital signed-off: Public Finance

A new £270m PFI hospital in Enniskillen has been signed-off and construction will begin shortly, following months of difficulties in getting funding finalised.  Problems had been caused when HSBC withdrew from a consortium of funders.
 
The contract was awarded to the Northern Ireland Health Group consortium, comprising FCC Construction SA, Allied Irish Bank Plc., Interserve Investments [...]