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| G8 summit: Research says it will bring £40m to region | G8 summit: Research says it will bring £40m to region |
| (about 5 hours later) | |
| The G8 summit in Northern Ireland is expected to boost business by £40m , according to research. | The G8 summit in Northern Ireland is expected to boost business by £40m , according to research. |
| Barclays Bank found almost 85% of businesses believe holding the summit in County Fermanagh will be good for the region. | Barclays Bank found almost 85% of businesses believe holding the summit in County Fermanagh will be good for the region. |
| It said there was also longer-term potential to boost tourism, exports and foreign investment. | It said there was also longer-term potential to boost tourism, exports and foreign investment. |
| The leaders of the eight wealthiest nations are to meet at the Lough Erne resort in Enniskillen in June. | The leaders of the eight wealthiest nations are to meet at the Lough Erne resort in Enniskillen in June. |
| A total of 213 telephone interviews were conducted with businesses in NI. | A total of 213 telephone interviews were conducted with businesses in NI. |
| The research was carried out by the Northern Ireland Centre for Economic Policy within the University of Ulster on behalf of Barclays. | The research was carried out by the Northern Ireland Centre for Economic Policy within the University of Ulster on behalf of Barclays. |
| Across all sectors and geographically across Northern Ireland, two thirds of businesses expect the G8 Summit to have a positive or very positive effect on the economy. | Across all sectors and geographically across Northern Ireland, two thirds of businesses expect the G8 Summit to have a positive or very positive effect on the economy. |
| Businesses in the hospitality and tourism sector were the most positive about the summit (73%), though support was strong across all sectors with 69% of professional services supportive and 58% of manufacturers. | Businesses in the hospitality and tourism sector were the most positive about the summit (73%), though support was strong across all sectors with 69% of professional services supportive and 58% of manufacturers. |
| It is anticipated that demand for a total of 35,000 to 45,000 nights of accommodation could be generated in Northern Ireland as a result of the trips from the delegates, their entourages, security, international media and associated officials. | It is anticipated that demand for a total of 35,000 to 45,000 nights of accommodation could be generated in Northern Ireland as a result of the trips from the delegates, their entourages, security, international media and associated officials. |
| The report from Barclays indicated that this could "feasibly generate" £5.5m to £7.5m for the tourist industry, predominantly in County Fermanagh. | The report from Barclays indicated that this could "feasibly generate" £5.5m to £7.5m for the tourist industry, predominantly in County Fermanagh. |
| Changed society | Changed society |
| Substantial global media coverage of the event could potentially generate the equivalent of £70m of advertising space in the immediate term, and more than £500m in the longer term. | Substantial global media coverage of the event could potentially generate the equivalent of £70m of advertising space in the immediate term, and more than £500m in the longer term. |
| Following the G8 Summit, a third of local businesses believe that delegates from the world's eight wealthiest nations will come away with a view that Northern Ireland is a changed society, capable of attracting global business. | Following the G8 Summit, a third of local businesses believe that delegates from the world's eight wealthiest nations will come away with a view that Northern Ireland is a changed society, capable of attracting global business. |
| A further 20% believe that it will highlight Northern Ireland's untapped potential. | A further 20% believe that it will highlight Northern Ireland's untapped potential. |
| Showcasing Northern Ireland to a global audience is the main benefit that businesses expect from the G8 summit (40%). | Showcasing Northern Ireland to a global audience is the main benefit that businesses expect from the G8 summit (40%). |
| A third of the businesses surveyed also expect long-term economic benefits. | A third of the businesses surveyed also expect long-term economic benefits. |
| The report said although it was difficult to quantify long-term benefits, a 1% rise in long-term tourist expenditure, export sales or foreign direct investment (FDI) investment would be worth £180m to the region over three years. | The report said although it was difficult to quantify long-term benefits, a 1% rise in long-term tourist expenditure, export sales or foreign direct investment (FDI) investment would be worth £180m to the region over three years. |
| Almost three-quarters of businesses stated that they believe the Republic of Ireland, which currently holds the presidency of the Council of the European Union, will also share in the economic benefits. | |
| A number of delegations are choosing to stay in the Republic of Ireland. | A number of delegations are choosing to stay in the Republic of Ireland. |
| Adrian Doran, of Barclays Northern Ireland, said: "The results of our research can be seen as a ringing endorsement from the Northern Ireland business community towards hosting the G8 event in Lough Erne. | Adrian Doran, of Barclays Northern Ireland, said: "The results of our research can be seen as a ringing endorsement from the Northern Ireland business community towards hosting the G8 event in Lough Erne. |
| "It is rightly seen as a fantastic opportunity to showcase Northern Ireland in a positive light to a global audience, as well as having immediate and longer-term benefits for the local economy." | "It is rightly seen as a fantastic opportunity to showcase Northern Ireland in a positive light to a global audience, as well as having immediate and longer-term benefits for the local economy." |
| Secretary of State Theresa Villiers said the report showed that the prime minister's decision to host the G8 Summit in Fermanagh would provide a "major economic boost" to Northern Ireland. | Secretary of State Theresa Villiers said the report showed that the prime minister's decision to host the G8 Summit in Fermanagh would provide a "major economic boost" to Northern Ireland. |
| "It shows that the benefits of Northern Ireland hosting the summit will be realised both in the short term and through a positive longer-term legacy, by helping increase inward investment." | "It shows that the benefits of Northern Ireland hosting the summit will be realised both in the short term and through a positive longer-term legacy, by helping increase inward investment." |
| It will be the first time the annual summit has been held in the United Kingdom since it was at Gleneagles in Scotland in 2005. | It will be the first time the annual summit has been held in the United Kingdom since it was at Gleneagles in Scotland in 2005. |