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Financial future 'could be bleak' | Financial future 'could be bleak' |
(about 2 hours later) | |
An economist has warned NI's financial future could be bleak if a major financial package is not secured as part of a deal to restore devolution. | An economist has warned NI's financial future could be bleak if a major financial package is not secured as part of a deal to restore devolution. |
Professor Mike Smyth from the University of Ulster said the government plans to slow down public spending over the next five years. | Professor Mike Smyth from the University of Ulster said the government plans to slow down public spending over the next five years. |
Professor Smyth said NI had become too reliant on public expenditure. | Professor Smyth said NI had become too reliant on public expenditure. |
Meanwhile, SF's Gerry Adams is to meet Bertie Ahern to discuss any Irish government input into a financial deal. | Meanwhile, SF's Gerry Adams is to meet Bertie Ahern to discuss any Irish government input into a financial deal. |
The talks are due to take place in Dublin later on Tuesday. | The talks are due to take place in Dublin later on Tuesday. |
To give us more public expenditure is like giving a drug addict a final fix Professor Mike Smyth | |
Professor Smyth said giving Northern Ireland an increase in public expenditure would not provide a long-term solution to its economic problems. | Professor Smyth said giving Northern Ireland an increase in public expenditure would not provide a long-term solution to its economic problems. |
"To give us more public expenditure is like giving a drug addict a final fix," he said. | "To give us more public expenditure is like giving a drug addict a final fix," he said. |
"What we need are some self-help measures, some tools to make us competitive, and if our parties don't secure some kind of additional industrial development enhancements they will have failed." | "What we need are some self-help measures, some tools to make us competitive, and if our parties don't secure some kind of additional industrial development enhancements they will have failed." |
Assembly members are also scheduled to meet later for their first debate since this month's elections. | Assembly members are also scheduled to meet later for their first debate since this month's elections. |
The politicians will discuss proposals for a new ministerial code and changes to the Stormont standing orders. | The politicians will discuss proposals for a new ministerial code and changes to the Stormont standing orders. |
Both the Irish and British governments want a power-sharing executive in place by 26 March. | Both the Irish and British governments want a power-sharing executive in place by 26 March. |
If an executive is formed, it will have four DUP ministers, three Sinn Fein, two UUP and one SDLP. | If an executive is formed, it will have four DUP ministers, three Sinn Fein, two UUP and one SDLP. |
The Northern Ireland Assembly has been suspended since October 2002, amid allegations of an IRA spy ring at Stormont. | The Northern Ireland Assembly has been suspended since October 2002, amid allegations of an IRA spy ring at Stormont. |
A subsequent court case collapsed. Direct rule has been in place since that date. | A subsequent court case collapsed. Direct rule has been in place since that date. |
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