“Implications of British Budget a cause for serious concern” –

Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA (South Antrim) has voiced serious concern about the implications of the British Budget due to be announced tomorrow (Tuesday 22nd June).

Mitchel McLaughlin said:

“While we will have to take account of the implications of the British government’s budget on our spending, I don’t believe that the British chancellor takes consideration of the impact his decisions will have on the ability of the Executive to invest in economic recovery here.

“While the Chancellor will take measures to protect areas such as Health and Education in Britain, this protection will be of no assistance here. This is just another example of the fact that without the ability to raise finance through measures such as additional tax-varying or borrowing powers we have no choice but to manage the cuts to our steadily reducing budget, imposed by London.

“I have been encouraged by recent comments by economic analysts in support of the transfer of increased fiscal powers to the Executive. I would now call on those political parties who oppose such an approach for ideological reasons to examine in pragmatic and practical terms, the benefits that would flow from such powers. It’s no good lamenting the financial difficulties that we face in consequence to the negative impact tomorrows’ expected cuts will have if we are unwilling to seek adequate powers to better manage our finances.”