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Budget fails to meet the need of local people

21 March, 2007


Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA has said that while the announcement of an Innovation Fund and support for training in basic skills for employees will be welcomed by local businesses that this Budget fails to meet the needs of people living in this part of Ireland.

Mr McLaughlin said:

"Undoubtedly there are some positives in this Gordon Brown Budget for people in this part of Ireland, particularly the Innovation Fund and support for training in basic skills for employees will be welcomed by local businesses.

"I also very much welcome the focus on education and the goal of lifting children out of poverty. However, while Peter Hain claims an additional £600 million for education in many cases the expected financial gains in these areas have failed to materialise here.

"There is no recognition that we are an economy coming out of decades of conflict.

"While assistance for R&D is what Sinn Fein have been looking at for some time I suspect that few will be grateful for an over complicated tax credit system. While it is also clear that the 2% cut in the top rate of corporation tax will help develop Foreign Direct Investment it will have little impact here where there are unique pressures caused by living adjacent to one of the strongest economies in Europe. Many SME's will also complain that they are facing a tax increase and given the importance of this sector to our economic growth this can only be a bad thing." ENDS

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