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an industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services, primarily the public sector.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 aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“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)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)