Economy: UK spending cuts will slash investment here
THE UK government spending cuts will ultimately have a knock on effect in Ireland with as much as a 40pc reduction in the amount of money invested here.
The Confederation of British Industry (CBI) and IBEC said that the combined investment of the UK and Irish capital programmes for the island as a whole would be reduced from pre-crisis levels of €11bn per annum to just €6.5bn. But they said that a UK and Ireland public-private finance initiative could help finance essential infrastructure. Hugh Crossey, managing partner of PricewaterhouseCoopers Northern Ireland, said the Joint Business Council, of which he is chairman, was concerned by the cut in the annual capital budget in Northern Ireland by almost 40pc.