High Level Meeting Heralds Huge Jobs Boost

There's good news on the jobs front this week with potentially thousands of new hi-tech jobs set to be created in Northern Ireland's financial services industry.

The Irish Republic's Finance Minister - and Taoiseach-elect- Brian Cowen is announcing that 'blue chip' companies based in the Republic may now set up subsidiaries in Northern Ireland.

He will make the announcement following a meeting with Finance Minister Peter Robinson in Belfast today.

The meeting between the Irish leader-in-waiting at Stormont with Peter Robinson is especially appropriate as he is expected to be chosen as the new DUP leader today and later to become as the Executive's First Minister.

An International Financial Services Centre was created in Dublin more than 20 years ago.

Companies that located there were entitled to attractive tax breaks and this brought in many big names in the financial services industry, who create tens of thousands of jobs - but there were strict rules about the way in which the firms could operate - and many of the companies located there can't fill their vacancies.

Mr Cowen is to announce that the law is being relaxed, meaning that firms based in the centre can open offshoots north of the border and yet retain their tax breaks.

It is understood the Department of Finance in Dublin has taken legal advice and believes its proposals do not contravene EU law.

Several big firms are already known to have an interest in taking advantage of the measure.

The importance of this step is not just in terms of the number of jobs it could create in Northern Ireland - but also the quality of the jobs - most will be for graduates and will be well paid.

(BMcC)