Finance Minister Brian Lennihan announced his emergency budget today. Was it a fair one? well it was tough on everyone. The announcements were based around cuts in benefits such as childcare prior to them being abolished. As with most economies there is an effort to get the construction industry back into shape with the announcement that a National Infrastructure Bond is to be created and an Enterprise Stabilisation Fund to protect jobs is launched. Cigarettes have risen by 25c and diesel by 5c.
What does this mean for NI? Well Brian Cowen spoke at a CBI dinner in the last few weeks promising that the proposed investment in crossborder roads was still on the agenda as well as the idea of a Dublin Belfast Economic Corridor. The other impacts could include a mass exodus of shoppers from the South to the border cities and towns like Newry. There is also the possibility of increased smuggling which could go to fund dissidents.
For more on the budget
www.rte.ie/money/budget2009/
From the G20 to this budget it must be clear to politicians and business people that the only way to get the recovery started is to work together. Crossboder skills, jobs and investment strategies need urgently developed, properly supported and implemented without the usual redtape are the only way to survive the recession and be able to take full advantage of the recovery.
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