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25/10/2010
Smaller Business 'Hit Hard By Cuts'
NI's First Minister Peter Robinson has warned that the impending cutbacks for Northern Ireland could be even worse than feared.
He said NI must prepare for £5bn of cuts - £1bn more than was first feared.
His startling comments followed last week's economic spending review announcement, after which it had been thought NI would receive £4bn less to spend over the next four years.
However, speaking at the 12th annual Neighbourhood Retailer Awards in Belfast on Friday night, Mr Robinson (pictured) went on to warn this was "not the full story".
He said: "The severity of the cuts we are facing cannot be wished away or spun away.
"Proposals to cut benefits and tax will probably take more than another £1bn out of our economy."
He told the smaller business representatives that customers would then have £5bn less to spend during the review period.
His shock statement followed a move by NI Finance Minister Sammy Wilson to urge co-operation across the European regions to help address the economic climate.
The Minister was speaking at the Annual Association of European Border Regions (AEBR) conference in Newry. The theme of the three-day conference was 'Territorial Cohesion in a Post-Crisis Scenario' and was organised by East Border Region in conjunction with the Special EU Programmes Body, (SEUPB).
Addressing delegates, the Minister said: "It is particularly significant that this conference is being held during a week when we have just had one of the most significant budget announcements for Northern Ireland as a UK Region.
"The current economic climate and harsh financial realities we face are not unique to Northern Ireland, as all of the European regions have been affected.
"Co-operation between regions happens all over Europe and I would encourage delegates to look at ways in which the European regions might work together to address the economic problems that affect us all," he said.
Meanwhile, an emergency meeting will be held at Stormont today to discuss their public spending plans for Northern Ireland. The political leaders have claimed cuts unveiled by Chancellor George Osborne amount to the equivalebt of 50,000 job losses.
(BMcC/GK)
He said NI must prepare for £5bn of cuts - £1bn more than was first feared.
His startling comments followed last week's economic spending review announcement, after which it had been thought NI would receive £4bn less to spend over the next four years.
However, speaking at the 12th annual Neighbourhood Retailer Awards in Belfast on Friday night, Mr Robinson (pictured) went on to warn this was "not the full story".
He said: "The severity of the cuts we are facing cannot be wished away or spun away.
"Proposals to cut benefits and tax will probably take more than another £1bn out of our economy."
He told the smaller business representatives that customers would then have £5bn less to spend during the review period.
His shock statement followed a move by NI Finance Minister Sammy Wilson to urge co-operation across the European regions to help address the economic climate.
The Minister was speaking at the Annual Association of European Border Regions (AEBR) conference in Newry. The theme of the three-day conference was 'Territorial Cohesion in a Post-Crisis Scenario' and was organised by East Border Region in conjunction with the Special EU Programmes Body, (SEUPB).
Addressing delegates, the Minister said: "It is particularly significant that this conference is being held during a week when we have just had one of the most significant budget announcements for Northern Ireland as a UK Region.
"The current economic climate and harsh financial realities we face are not unique to Northern Ireland, as all of the European regions have been affected.
"Co-operation between regions happens all over Europe and I would encourage delegates to look at ways in which the European regions might work together to address the economic problems that affect us all," he said.
Meanwhile, an emergency meeting will be held at Stormont today to discuss their public spending plans for Northern Ireland. The political leaders have claimed cuts unveiled by Chancellor George Osborne amount to the equivalebt of 50,000 job losses.
(BMcC/GK)
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