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23/11/2023
Autumn Statement Provides 'Little Cheer Locally' – UUP
The Ulster Unionist Party (UUP) has said that "there is little cheer locally" included in the Chancellor's Autumn Statement.
Stating that while some measures are to be welcomed, their ability to act as a stimulus to the economy is "yet to be seen", the party's Finance Spokesperson Dr. Steve Aiken OBE MLA continued: If you lived in England, it would sound like an attempt to influence those who still believe the Conservatives have a fleetingly slim chance of re-election next year.
"Some of the measures, including cuts in national insurance and rise in minimum wage, are to be welcomed; the making of full expensing for business will act as an incentive, though whether it will act as the stimulus to the economy that the Chancellor expects, is yet to be seen.
"The increase in public spending, however, of around 1% in some areas, is miserly, especially as the rate of inflation is twice the level expected.
"Sadly, for Northern Ireland, with levelling up, shared prosperity and town renewal funding all being on a "pause and review" hold in the absence of an Executive, there is little cheer locally for these areas from this wider national investment.
"It is also noteworthy that further information on improved city deals and Freeports did not include any Northern Ireland projects –which we can only infer that the collective punishment being meted out over levelling up sits in these areas as well.
"It has also been reported that the nominal Barnett consequential to Northern Ireland would be in the region of an additional £185M in funding; again, whether that can be used by our hard-pressed public service remains to be seen, although the likelihood is that it may be used to pay down last years' overspend.
"What is clear is that not having a sitting NI Executive, arguing our corner, has real consequences for us all."
Stating that while some measures are to be welcomed, their ability to act as a stimulus to the economy is "yet to be seen", the party's Finance Spokesperson Dr. Steve Aiken OBE MLA continued: If you lived in England, it would sound like an attempt to influence those who still believe the Conservatives have a fleetingly slim chance of re-election next year.
"Some of the measures, including cuts in national insurance and rise in minimum wage, are to be welcomed; the making of full expensing for business will act as an incentive, though whether it will act as the stimulus to the economy that the Chancellor expects, is yet to be seen.
"The increase in public spending, however, of around 1% in some areas, is miserly, especially as the rate of inflation is twice the level expected.
"Sadly, for Northern Ireland, with levelling up, shared prosperity and town renewal funding all being on a "pause and review" hold in the absence of an Executive, there is little cheer locally for these areas from this wider national investment.
"It is also noteworthy that further information on improved city deals and Freeports did not include any Northern Ireland projects –which we can only infer that the collective punishment being meted out over levelling up sits in these areas as well.
"It has also been reported that the nominal Barnett consequential to Northern Ireland would be in the region of an additional £185M in funding; again, whether that can be used by our hard-pressed public service remains to be seen, although the likelihood is that it may be used to pay down last years' overspend.
"What is clear is that not having a sitting NI Executive, arguing our corner, has real consequences for us all."
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
