Invest NI may lose £7.7m as DETI strives to meet targets
Invest Northern Ireland could have £7.7m less in its investment budget for next year after the |Department of Enteprise Trade and Investment detailed plans of how it will meet spending cut requirements.
As part of £367m of budget cuts unveiled by Finance Minister Sammy Wilson last month DETI was expected to find £11.2m in savings for 2010-11.
A consultation document on spending plans posted on the |department’s website shows a break down for a potential £13m of cuts in current expenditure and investment, from £288.3m in 2009/10 to £275.3m in 2010/11.
That includes cutting Invest NI’s investment budget to £43.3m from £51m in 2009/10.
Current expenditure savings include cuts from Tourism Ireland and InterTradeIreland and efficiency savings identified in economic infrastructure, tourism and economic development.
Capital investment savings are from reprioritising capital within Invest NI in line with current economic conditions, and savings from the public sector renewable energy budget. “The draft revised budget allocation would not prevent DETI from delivering all of its planned service improvements in 2010/11. DETI, through Invest NI, would continue to stimulate exports,” it said.