NI's Economic Drive Praised

In the same week as a new guide has been published, suggesting that those cities hoping to 'survive' the global recession can 'learn lessons from Belfast', Northern Ireland's overall economic outlook is getting a positive signal from a new report.

While the significant economic impact of shoppers flooding across the border from the Irish Republic "cannot be overstated", according to the bank's assessment, the new book is equally upbeat.

'A Tale of 7 Cities', relates how cities from 'Belfast to Bilbao' survived the destruction of manufacturing and the 1980s recessions to reinvent themselves as centres of innovation and inspiration.

The book is published by urban experts from the London School of Economics and Political Science, with the authors, from the Centre for the Analysis of Social Exclusion (CASE), concluding that Belfast is much fitter to survive the current world financial crisis than many others cities.

It tells the stories of Belfast, Bilbao, Bremen, Leipzig, St Etienne, Sheffield and Torino and outlines how they all became industrial giants in the 19th century, but were brought to the brink of economic and social ruin as those industries collapsed during the 1970s and 80s.

"These European survivors have (since) forged ahead in technology, the use of urban space, bottom-up investment, public transport, skills and the environment," commented one of the authors, positively.

The parallel 'good news' comes from First Trust's latest Economic Outlook and Business Review.

It said: "The impact of cross-border shopping cannot be overstated with many border town experiencing huge retail buoyancy.

"This position should be cemented by the recent reduction in VAT here, again helping to lessen the downturn in retailing."

The benefits of the euro influx, coupled with the relatively high public sector spending should mean Northern Ireland is better placed than other UK regions to ride out the economic tough times, it also said.

However, the report's authors have urged that the Northern Ireland's Executive should take "bold decisions" to boost consumer and business confidence in the midst of the global economic downturn.

Among a range of measures proposed was the fast tracking of some larger planning applications.

(BMcC)