[Boba Fett22]

...

Cabinet Minister Michael Gove has said the government will ensure NI businesses will have "unfettered access" to the UK market after Brexit.


He met the leaders of all the devolved regions in Cardiff on Tuesday.

First Minister Arlene Foster and Deputy First Minister Michelle O'Neill raised concerns about the possibility of checks on goods crossing the Irish Sea.

But

Michel Barnier, said new checks on goods entering Northern Ireland from Great Britain are an "indispensable" consequence of the Brexit deal.

"We will be in the UK customs union and we will be legislating to ensure unfettered access and we will deliver that," he said.

Secretary of State for NI.

https://www.bbc.co.uk/news/uk-northern-ireland-51288033

 

[Boba Fett22]

Boris Johnson will tell the EU he is prepared to accept post-Brexit border checks rather than allowing Britain to be a rule-taker in a major speech setting out his aims for a trade deal next week.

The Prime Minister will say sovereignty is more important than frictionless trade, defying warnings from Brussels that the UK must accept EU standards on goods if it wants the best possible deal.

https://www.telegraph.co.uk/politic...l-tell-eu-prepared-accept-post-brexit-border/

 

[plank007]

Some non Brexit news for a change...

Investment interest in the Northern Ireland commercial property market at its lowest since 2009, report suggests

INVESTMENT enquiries into the north’s commercial property market are at the lowest levels since 2009, a new survey out today suggests.

The research, conducted by the Royal Institution of Chartered Surveyors (RICS) in association with Ulster Bank during the fourth quarter of 2019, found interest from investors continued to wane between October and December.

The survey, which is based on feedback from property industry professionals, also found occupier demand for commercial property fell for the third successive quarter at the end of last year.

The report has also once again highlighted the struggle within the retail sector. It found that the expectation for rents to increase in the retail sector is at the lowest point for more than five years.

Read full article at - http://www.irishnews.com/business/2...its-lowest-since-2009-report-suggests-1828681

 

[Not Tall Enough]

That's a bit depressing, I haven't read the article but assume commercial property includes office space as well as the more industrial units.

 

[belfastuniguy]

Disappointing but not unexpected given the economic lull we’ve had. A multitude of factors from stalled construction to Brexit uncertainty has feed into an already weak economic situation.

Brexit is now happening so businesses will need to see what sort of partnership the UK is going to have with the EU. NI May see benefits and hopefully we start to see those benefits filtering through in the latter half of this year.

There will be a construction boost thanks to Stormont being back and decisions being made on long-delayed projects and of course various reforms that have the potential to enhance the economy, reduce public sector dependence and tackle productivity and inactivity.

Retail is a potentially dire situation but that’s not unique to NI and some of those problems are beyond our control. Belfast is in a stronger position that most other NI towns to adapt to that new reality.

 

[Not Tall Enough]

Will we ever get away from public sector dependency? The more I look into it the more horrified I get at the amount of quangos and special interest groups that receive a huge amount of public money in NI. I saw there was talk of setting up an indepentant environmental commission as part of this new deal to hold stormont to account. Is it because everyone knows the electorate isn't able to hold them to account themselves.

 

[Owenc]

I think Northern Ireland does quite well for Retail. Having lived in England , our the last four years, our loss of shops isn’t as bad as over there.

They’ve had a whole raft of Debenhams, House of Fraser and M&S closures.

House of Fraser in Belfast is one of the most profitable in the UK! If you live in England you will notice less interest in shopping.

So I wouldn’t compare English decline and say it’s the same here.

 

[Boba Fett22]

OwenC, I'm not being rude but you might need to sort out the apostrophe button on your laptop. It just makes it easier for other forumers to read your posts.

 

[Boba Fett22]

and of course various reforms that have the potential to enhance the economy, reduce public sector dependence and tackle productivity and inactivity.

I wasn't going to mention this, but a certain thing that was hopefully going to boost NI's competitiveness (and you know what I mean) which is in the Tory manifesto and, according to the BBC, the Queen's speech, will not now take place. The Executive believes that sorting out brexit, particularly the issue over access for traders in NI to GB, must be resolved first.

That's not to say the issue won't come up again, maybe in a matter of months, but just not for now, the Executive says.

 

[belfastuniguy]

Reducing corporation tax at a time when NI needs to invest in services was untenable. The difference would have come directly from the block grant and that’s just not feasible given the current state of public finances. In a few years maybe it can be looked at again but now is not the time.

 

[Not Tall Enough]

It can be argued that low corporation tax brings in more corporation tax than high corporation tax. But if everyone plays that game it becomes a race to the bottom. The amount of tax large corporations have washed through ireland to avoid paying their fair share in the UK and other European countries isn't acceptable and I have a feeling it will soon come to an end so NI might be too late to the low Corp tax party.

 

[Boba Fett22]

Sorting out brexit was and is my main concern.

I'm just glad that the issue is in the Tory/Government manifesto and also in the Queens speech and the Executive still supports it, just not right now. They say brexit and sorting out investment in services, as BUG mentioned, is their concern at this time.

I read an article from someone on the mainland saying that it was always likely that if the Tories received a large majority they would reduce corporation tax in NI.

But also what's different now is the fact that the Government is doing it, not because they're beholden to any NI Party, they don't need the support of any NI party, they're doing it because THEY want to.

 

[Boba Fett22]

Just to recap.

It is assumed that Northern Ireland-based business will have full access to the EU single market, and this may well encourage British businesses to open up an office in the province to take advantage.

David Henig, UK Director at the European Centre For International Political Economy .

if we assume that Britain’s future relationship with the EU is in line with the current Political Declaration, firms in Northern Ireland may have better access to the EU market than firms in GB. For existing firms, this competitive advantage may help to increase sales to the EU.

Michael Gasiorek Professor of Economics University of Sussex.

Northern Ireland can gain the best of both worlds - continued frictionless trade with GB and continued frictionless access to the EU - provided that any necessary cross-border or cross-Irish Sea administration is minimised.

John Simpson, Economist.

In summary, this deal, whilst far from perfect, would certainly be better than no deal and it could be argued that it gives Northern Ireland business a potential advantage over ROI competitors (due to comparatively unfettered access to the GB market) and also over businesses in GB who would not have the same unfettered access to the EU market.

Frankie Devlin, KPMG.

So the point is IF it's the case, and maybe it's a big IF, that NI had these advantages AND we had lower corporation tax than GB then...

Apparently some in Germany think the deal we have is TOO good.

Maybe that's what Belfastuniguy meant when he said this MAY work out quite well for NI.


Also the Economist Graham Gudgin says the sea border issue may not be the issue people think it is.

The point is that little trade may be liable for tariffs at the Irish sea and very little trade bound for Northern Ireland. While there is a capability within the new backstop for Northern Ireland firms to be charged tariffs, which can be remitted if the goods are consumed within Northern Ireland, such a complex mechanism is likely to be avoided in future negotiations.

And they say large firms likely will be able to deal with checks.

Edit: Don't misunderstand me I'm still a remainer/rejoiner.

 

[plank007]

The amount of tax large corporations have washed through ireland to avoid paying their fair share in the UK and other European countries isn't acceptable and I have a feeling it will soon come to an end so NI might be too late to the low Corp tax party.

Exactly it's not acceptable and I have no idea why anyone would think it's fair to lower corporation tax for multi-national companies who can afford to pay alot more in tax.

Perhaps an argument could be made for lowering corporation tax for local firms who invest locally and keep the profits here?

 

[plank007]

NI hotel figures...

https://twitter.com/i/web/status/1225694100118110210

Record bed numbers as north's billion pound hotels booms reaps dividends

THE north's billion pound millennium hotels boom has begun to pay dividends, with new figures revealing that a record 2.3 million rooms were sold in 2019.

That was up 4 per cent (around 100,000 rooms) on the previous year, and close to 500,000 more than just five years ago, figures from the Northern Ireland Statistics and Research Agency (NISRA) reveal.

The number of hotel bedrooms in the north doubled in the 1999-2019 period to 9,548, with the majority being in Belfast, which has benefitted from a raft of new properties including the Merchant, Fitzwilliam, AC Marriott and Grand Central.

There are currently 145 hotels across the north, and the sector supports around 15,000 jobs.

They sit alongside 938 other properties such as guesthouses and B&Bs, which between them have 3,897 rooms offering 8,914 bed spaces.

Read full article at - http://www.irishnews.com/business/2...on-pound-hotels-booms-reaps-dividends-1835914

 

[plank007]

I'm glad someones being proactive, rather than reactive, although this cancellation will have a significant effect on hotel bookings in the city.

https://twitter.com/i/web/status/1237326164311642113

 

[Owenc]

Good news!

 

[Owenc]

British Airways has permanently cut the BHD-LHR route! Given that the route is the 4th busiest domestic route, i'm not sure there is a justification for this. Neither is the continuing of flights to the likes of Leeds and Newcastle.

British Airways 'temporarily' pulls out of Belfast City flights to London

British Airways is to drop its flights from Belfast City Airport to Heathrow.

www.belfasttelegraph.co.uk

But, flight cuts have been a worry and a concern that I have had since the start of this pandemic. I fear we are going to be cut substantially and left out to hung and dry. I can see airlines trying to further filter more Northern Irish passengers through Dublin airport to the likes of Spain, which is unfeasible.

Let's hope that any cuts are minimal and Easyjet don't reduce their BFS presence. We have lost Flybe, we can't be doing with further cuts, given our geographic isolation.

I think we are going to have to be considered a special case here.

 

[newcastlepubs]

Do you mean NCL - BHD ? I don't think it exists any more, not for a while if it did I d be a regular but I am stuck with Aldergrove [yes I know I mean international ]

 

[belfastuniguy]

British Airways has permanently cut the BHD-LHR route! Given that the route is the 4th busiest domestic route, i'm not sure there is a justification for this. Neither is the continuing of flights to the likes of Leeds and Newcastle.

British Airways 'temporarily' pulls out of Belfast City flights to London

British Airways is to drop its flights from Belfast City Airport to Heathrow.

www.belfasttelegraph.co.uk

The headline in that story, and indeed a statement from BA, states it is a temporary measure. Perhaps read the story?