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NI 'set to weather economic woes' NI 'set to weather economic woes'
(about 1 hour later)
The Northern Ireland economy is well placed to avoid the worst of the financial downturn in the UK, according to one of NI's major banks.The Northern Ireland economy is well placed to avoid the worst of the financial downturn in the UK, according to one of NI's major banks.
The First Trust Economic Outlook report suggests that despite a stagnating UK economy, talk of another serious recession is "dangerously misleading".The First Trust Economic Outlook report suggests that despite a stagnating UK economy, talk of another serious recession is "dangerously misleading".
Public expenditure in Northern Ireland will safeguard living standards and jobs, the report says.Public expenditure in Northern Ireland will safeguard living standards and jobs, the report says.
In fact, its authors are encouraged by the creation of new jobs.In fact, its authors are encouraged by the creation of new jobs.
"The housing market may be feeble and rising fuel prices are hitting household and business budgets."The housing market may be feeble and rising fuel prices are hitting household and business budgets.
"But the bank says there is no indication of widespread business closures or of major redundancies," said BBC NI consumer affairs correspondent Martin Cassidy."But the bank says there is no indication of widespread business closures or of major redundancies," said BBC NI consumer affairs correspondent Martin Cassidy.
The bank pointed to new jobs in information technology and financial services as encouraging signs.The bank pointed to new jobs in information technology and financial services as encouraging signs.
Government-funded infrastructure projects are also helping boost economic activity, the report said.Government-funded infrastructure projects are also helping boost economic activity, the report said.
"Even the hard hit retail sector is being helped by what the bank calls the cross-border shopping phenomenon," said Mr Cassidy."Even the hard hit retail sector is being helped by what the bank calls the cross-border shopping phenomenon," said Mr Cassidy.
"Consumer confidence is predicted to remain fragile into next year, but compared with other parts of the UK and Europe, it says, the Northern Ireland economy is not in bad shape.""Consumer confidence is predicted to remain fragile into next year, but compared with other parts of the UK and Europe, it says, the Northern Ireland economy is not in bad shape."
Increased optimism following devolution will help to boost the Northern Ireland economy, according to a major report published on Tuesday.
However, the First Trust Economic Outlook predicts a gloomy outlook for public spending.
It cites the government's comprehensive spending review, starting this autumn.
On the plus side it says political stability will release pent-up business investment and consumer spending, and help increase tourist numbers.
The economists who wrote the report say NI will experience cuts in some public services as tighter budgetary constraints kick in as a result of the spending review.
They also warn of higher domestic rates as the government puts pressure on the executive to raise more local revenue.
The report says that with no sign of a cut in corporation tax or any substantial shift in economic policy here, it is unlikely there will be much high-end foreign investment in Northern Ireland.