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June 5, 2012

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Tuesday | June 5 | 2012

Glowing tribute to a special person

BY SAM McBRIDE In London
sam.mcbride@newsletter.co.uk

Giant step for Olympic flame

distinct periods emerge Business Editor - before and after the early 1970s when a.mcgill@newsletter.co.uk credit conditions started mortgage to be loosened. Looking at Northern Ireland, VoLATILE house where house data is prices and inonly available comes may seem from 1977 the year a more recent phenomenon following Jubilee PwC says the of the Silver the rapid crunch, however, according credit theme remains consistent. growth to leading business advisors Between 1977 and PricewaterhouseCoopers (PwC), prices rose by 665 per 2012, house an analysis of the last sixty years terms from 13,322 to cent in cash shows 109,562. This 1970s was the real tipping that the was, however, the smallest point for increase regional the UK. of any UK region with London reporting the greatest Forming part of PwCs percentJubilee age rise economic series, the of 1,782 per cent (15,593 to veals that while over research re- 293,375). the the Queens reign house whole of John Hawksworth, chief econodisposable incomes rose prices and mist at PwC, says as a direct conseon at broadly similar rates, average quence, real house prices not only two very strengthened but became much

BY ADrIENNE McGILL

Economy lacks Jubilee joy

more volatile than incomes. In the 50s and 60s disposable incomes grew more house prices, which strongly than rose at around 0.7 per cent per annum compared to 2.5 per in real terms real income growth. cent average But from 1970 onwards, when credit was progressively liberalised, house prices rose more strongly on average than incomes but also became much more volatile. A general lesson that the Bank of Englandwould be broader tool kit to address needs a bubbles that periodically the credit the housing and mortgageappear in markets. Interest rates alone are not to avoid these credit-fuelledenough booms and busts, which have the last 40 years of the characterised Queens reign but were largely absent during the first two decades of this period. Meanwhile, the Queens Diamond Jubilee is expected to blow this quarters GDP despite a hole in giving a boost to retail sales. The major cost to the the extra public holiday economy is Howard Archer, chief today. UK economist at think tank Global Insight, said: over the year, impact to the economy the negative bilee should be pretty from the Juever, it is likely that modest. Howthere will be a significant hit to GDP in the second quarter. Economic activity quarter should also be in the third lifted ited extent by the olympic to a limHowever, Sam Bowman,Games. head of research at the Adam tute, said: The Jubileesmith Instiwont have

Enterprise Minister Arlene Year Awards, with Maurice Foster pictured at the launch of the 2012-2013 Institute Boyd of sponsors Abbey Bond Lovis and IoD divisional of Directors (IoD) NI Director of the director Linda Brown

THE search to find the Institute then of Directors Director be of the Year against nominated to compete is underway after their counterparts from Minister Arlene Foster Enterprise across the UK. announced Last year Northern the annual event. Ireland nominees won two Sponsored this year categories by brokers Abbey Bond insurance at the national awards and event is designed Lovis, the runners up in a further were excellence, showcase to reward categories, proving once againfour and set the standard leadership strength and talent of our the for directors directors. local across the UK. Maurice Applicants are invited Boyd, Managing across eight categories,to enter Director of Abbey Bond Lovis which said: We take encompass all sectors great pride in our of the special relationship economy and with the non-executive so to once again be associated IoD, directors are being recognised with in these awards, a new category. which recognise and celebrate the extraordinary Northern Ireland has some the worlds leading businesses of achievements of many of the best led directors from across by exceptional individuals and it is a great privilege. the country, is fitting that the successes The IoD our directors are celebrated of and Year Awards, Director of the recognised, said Mrs take place Foster. November. Application on 30 IoD NI Divisional Director forms Linda can be downloaded Brown said: The comprehensive from www. iod.com/northernireland judging process identifies or by the contacting Linda best of the best business Brown, 028 9068 3224. Closing within Northern Ireland leaders who will is September date for applications 30, 2012.

Launch of IoD Director of the Year

a negative impact. In fact, you could argue that having a day off is an economic bene-fit because working 70-hour weeks continually isnt good for anybody. Its also been reported that the average household will spend an extra 100 over the weekend. Two of the UKs largest supermarkets last week predicted bumper sales of some items as families prepared to celebrate the Jubilee. Asda expected to see a 75 per cent increase in the sale of Pimms and 2.8 million Victoria sponges shelves while Sainsburys to fly off sold 364 miles of bunting and 146,000 flags with week-on-week sales of Union Jack cake stands up 2,783 per cent and Union Jack teacups up 5,588 per cent.

ALL THE VERY LATEST FROM THE ISLE OF MAN TT RACES

PRINCE Charles paid a glowing tribute to the Queen last night following a rousing Diamond Jubilee concert in front of Buckingham Palace. On a specially constructed stage at the end of The Mall with his mother standing close by the Prince of Wales told the tens of thousands gathered to enjoy the celebrations they were celebrating the life and service of a very special person.

The Queen Charles also expressed his disappointment that the Duke of Edinburgh was forced to miss the star-studded event as he was ill in hospital. Despite Prince Philips enforced absence, the palace insisted that the celebration would continue and the Queen

took her place in the Royal Box, as planned at 9pm an hour-anda-half into the concert. Her Majestys arrival was greeted with a standing ovation and applause. As the long evening of entertainment came to a close, the Queen lit a beacon, one of more than 4,000 across the UK, including one on the highest point in Northern Ireland, Slieve Donard. First Minister Peter Robinson was at the concert and will represent the Province again today at a service of thanksgiving in Westminster Abbey. See pages 3, 4 & 5

Triathlete Peter Jack from Coleraine holds the Olympic Torch on top of the world-famous stones at the Giants Causeway yesterday, as the iconic flame travelled across the north west to Londonderry. PICTURE: Steven McAuley/Kevin McAuley Photography Multimedia See pages 6&7

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