Property Industry Welcome Announcement Of Economic Package For Northern Ireland
CONTACT: Brian Lavery– 02890438555 or email@example.com
Belfast, 14th June 2013 – Property consultants CBRE this afternoon welcomed today’s announcement of a new economic stimulus package (Building a Prosperous and United Community) for Northern Ireland, saying it contains elements that have the potential to boost job creation in the region and in turn have positive implications for the property sector.
They particularly welcomed initiatives to boost lending to businesses, initiatives aimed at boosting tourism across the region and the introduction of Enterprise Zones enabling businesses locating in designated areas to benefit from enhance capital allowances.
Initiatives announced at Downing Street today include:
- An additional £100 million in capital borrowing powers for the NI Executive over 2014-15 and 2015-16 to support specific shared housing and education projects
- A further £42 (€50) million in UK funding for the PEACE IV programme and a £154 (€181) million top-up for EU Structural Funds for Northern Ireland for 2014-2020, bringing the total funding for economic and shared future projects through PEACE IV and EU Structural Funds to £550 million
- Continuing Northern Ireland’s Assisted Areas Status coverage, which has helped the Executive to create over 3,000 jobs in NI in the last three months alone
- Plans for a major G8 Investment Conference in Northern Ireland in October, to be attended by the Prime Minister
- Measures to boost lending to businesses, including extending the £117 million Start-up Loans Scheme to Northern Ireland and piloting a new version of the Enterprise Finance Guarantee Scheme with a bank in NI
- Unlocking access for Northern Ireland to the Government’s £40 billion Infrastructure Guarantee Scheme
- A joint £20 million investment plan for Research & Development projects in Northern Ireland, with a particular focus on aerospace
- A joint programme of work to examine the potential to gift up to 350 surplus MoD houses and bases for use in shared future projects
- Agreement on a mechanism for taking forward the devolution of Corporation Tax before the 2015 General Election, if the Government decides to devolve these powers
- A commitment to examine the potential for devolving additional fiscal powers, with recommendations to be put to Executive and Government Ministers by autumn 2014
- A new way forward on Enterprise Zones, which would allow NI businesses in designated areas to benefit from enhanced capital allowances
- A commitment to take forward a visa waiver pilot to encourage visitors to the Republic of Ireland to visit Northern Ireland
- A new process led by the Executive to ensure the planning system in Northern Ireland supports economic growth
- A substantial programme of work to examine how the financial potential of Belfast Port can be unlocked
- An Executive-led review of business red tape, including recommendations to reduce the regulatory burdens facing businesses, to report by December 2013
According to Brian Lavery, Managing Director at CBRE in Northern Ireland “While the decision to delay voting on a reduction in corporation tax in the region is clearly disappointing, we are encouraged by the economic stimulus package announced today on the basis that it will go some way towards attracting the investors and occupiers Northern Ireland needs in order to stimulate economic activity and create much-needed jobs.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 110 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni