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Budget comment for the Belfast TelegraphOverall I am happy with the budget simply because it does very little.
From my perspective less is more - so doing little to tamper with a potentially precarious recovery from what has been the worst economic crisis in most people’s memories is a good move. The economy is in rehab after a big operation and needs tlc and time to bring it back to a happier and more prosperous state.
Changes to areas like Corporation Tax don`t benefit small businesses many of which are break-even at best at the moment. It’s these small businesses and individuals that will take up the slack in employment as Northern Ireland’s economy rebalances. In this context, most stimulus for small businesses and employment is likely to be entrepreneur-led, not government led, despite the benefits for some of Northern Ireland’s biggest private sector employers.
However, one aspect of it which did raise a smile is in the help for first-time buyers onto the property market.
Stimulation of the first time buyer market is the perfect place to start encouraging growth. First time buyers kick can offer a great help to kick starting the economy. As it relates to new build properties alone however, that are generally sold at a premium I feel that the effect will be very modest. That together with the scheme only being run for a year doesn`t make it that exciting.
Other than that, in my opinion doing little in this budget is a good thing. The marketplace needs to find it`s own way and settle and to enter into a place where interest rates and inflation are higher before looking to guide the economy.
- John Whiteman |
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