Northern Ireland

  • Concerns over an iconic Northern Ireland firm and more growth deals announced

    July, 2019
    Unemployment in Northern Ireland increased by 1,000 to 28,000 between March and May, the uplift of 0.1% took the rate to 3.1%. At 2.6% the South West of England had the lowest rate and at 5.6% the North East had the highest rate in the country. The UK unemployment rate stands at 3.8%. Northern Irish average property prices decreased by 1.0% to £134,811 during the first quarter which reduced the annual growth rate to 3.5%. In comparison, UK prices increased by 0.1% to £229,431 during May which reduced the annual growth rate to 1.2%. On interventions, the new prime minister has announced six new growth deals, three in Scotland, two in Northern Ireland and one in Wales. The UK government said the allocation of the £300m pot would depend on the strength of the proposals put forward. Growth deals (also known as city deals in urban areas) are national, devolved and local government funding packages aimed at boosting regional economies often by encouraging private investment on specific projects. Belfast City Deal, which proposes to invest £350m into Belfast and six surrounding council areas, has already been agreed. These new funds will cover mid south west Northern Ireland and Causeway Coast & Glen. They...