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14/05/2002
Public Private Partnership review to be published
The Executive’s review of how some public services might be financed using private sector investment will be published shortly, the Minister of Finance & Personnel, Dr Seán Farren told senior business figures in Belfast.
Dr Farren, addressing the annual lunch of the Institute of Directors (IoD) held in Belfast on Tuesday, set out the Executive’s priorities in the wake of the financial package announced earlier this month by UK Chancellor of the Exchequer Gordon Brown which enables Northern Ireland for the first time to directly borrow billions of pounds from the Treasury.
Delivering the IoD keynote speech Dr Farren said: “The Reinvestment and Reform initiative announced by Gordon Brown changes significantly the context within which we will consider the report of the PPP Working Group. The creation of the strategic investment body, and the possible use of borrowing, financed by local revenues, gives us new options for consideration.
“I am convinced that no single solution – be it borrowing, PPPs, or more traditional public expenditure – is likely to meet our needs.
“Rather, different funding and procurement approaches will provide solutions in different circumstances. Helping make those decisions will be one of the key tasks of the strategic investment body.
“We strongly support the approach taken by the Working Group that in developing policy in this area we must do so in a way that suits Northern Ireland. We will be pursuing solutions which suit our particular circumstances, embracing a wide range of possible forms of PPP, but excluding privatisation.”
Dr Farren also confirmed that the Executive is not about to take sudden action on the rating system as a result of the new borrowing power. However, he said: “Hard choices lie ahead, but there is broad agreement that reform of the rating system is necessary and in some instances inevitable. I can assure you that the Executive has a genuinely open mind on how the system should be reformed."
The Minister said a public consultation may commence before the summer and that while nothing had yet been ruled out, no decision would be taken prior to the findings of the consultation.
(AMcE)
Dr Farren, addressing the annual lunch of the Institute of Directors (IoD) held in Belfast on Tuesday, set out the Executive’s priorities in the wake of the financial package announced earlier this month by UK Chancellor of the Exchequer Gordon Brown which enables Northern Ireland for the first time to directly borrow billions of pounds from the Treasury.
Delivering the IoD keynote speech Dr Farren said: “The Reinvestment and Reform initiative announced by Gordon Brown changes significantly the context within which we will consider the report of the PPP Working Group. The creation of the strategic investment body, and the possible use of borrowing, financed by local revenues, gives us new options for consideration.
“I am convinced that no single solution – be it borrowing, PPPs, or more traditional public expenditure – is likely to meet our needs.
“Rather, different funding and procurement approaches will provide solutions in different circumstances. Helping make those decisions will be one of the key tasks of the strategic investment body.
“We strongly support the approach taken by the Working Group that in developing policy in this area we must do so in a way that suits Northern Ireland. We will be pursuing solutions which suit our particular circumstances, embracing a wide range of possible forms of PPP, but excluding privatisation.”
Dr Farren also confirmed that the Executive is not about to take sudden action on the rating system as a result of the new borrowing power. However, he said: “Hard choices lie ahead, but there is broad agreement that reform of the rating system is necessary and in some instances inevitable. I can assure you that the Executive has a genuinely open mind on how the system should be reformed."
The Minister said a public consultation may commence before the summer and that while nothing had yet been ruled out, no decision would be taken prior to the findings of the consultation.
(AMcE)
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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.
