Economy
The Northern Ireland economy is the smallest of the four economies making up the United Kingdom. Northern Ireland has traditionally had an industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services, primarily the public sector.
Tourism also plays a big role in the local economy. More recently the economy has benefited from major investment by many large multi-national corporations into high tech industry. These large organisations are attracted by government subsidies and the skilled workforce in Northern Ireland.
The local economy has seen contraction during the recent global economic downturn, in response the Northern Ireland Assembly has sent trade missions to countries including the USA, India and plan to visit China. Along with this, the Assembly are in discussion with the Chancellor of the Exchequer George Osbourne in order to gain taxation powers, which would enable the Northern Ireland Corporation Tax rate to be reduced in line with that of the Republic of Ireland.
Read more about this topic: Northern Ireland
Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)