Economic to 1972
The Loan Guarantees Acts granted authority to the Northern Ireland Minister for Finance to guarantee repayment of loans for building ships and other capital equipment. This legislation demonstrated Ireland’s survival through the Great Depression.
The New Industries Development Acts empowered the government to grant industries producing goods not manufactured in Northern Ireland a grant equivalent to a reasonable annual rent for the sides they occupied. Local authorities could grant exemptions from rights, and industry loans were available for construction, building expansion, or existing industry expansion.
Post World War II, the Industries Development Acts allowed the Department of Commerce to lease modern factory premises, provide financial assistance to new and existing industries, and aid local authorities in improving roads and infrastructure, with local authorities granting exemptions.
The ministry was given discretion in determining the level of aid necessary to attract new industries, which could be increased based on the employment offered.
Applicants for assistance had to agree to specific development targets for employment, ensuring the business was feasible with assistance. This aimed at tackling existing unemployment, diversification of industry, and location.
The Industrial Development Act 1966 extended assistance powers to new industries, increasing the basic grant for plant machinery and equipment from 45% to 50%. Additional grants could be provided for areas needing urgent industrial development.
Lenin industry benefited from the Re-equipment of Industry Acts, offering grants for re-equipment and modernization schemes to enhance efficiency.
The Capital Grants to Industry Acts from 1954 to 1962 allowed the ministry to pay annual grants equivalent to 12% of expenditure on new building work and planted equipment, without requiring employment targets.
The Industrial Investment General Assistance Act 1966 granted 40% of expenditure on planted equipment. The Industry Act 1953 provided an annual subsidy to manufacturing firms acquiring coal, gas, oil, or electricity, aiming to connect Northern Ireland with Great Britain by sea.
The Industrial Advice and Enterprise Acts 1964 and 1967 granted manufacturing firms subsidies for employing consultants to advise on efficiency improvements.
Northern Ireland also benefited from measures by the UK Board of Trade, considering it a development area. Tax concessions and depreciation were available.
Special UK Government aid was received by Belfast’s shipbuilding and aircraft industries. The Shipbuilding Industry Board, established by UK Legislation, provided loans and aid for facility construction.
The aircraft firm Short Brothers and Highland received aid from both governments.
In 1955, the Northern Ireland Development Council was established to publicize the industrial advantages of Northern Ireland and attract businesses.
Over the past century, there has been a significant decline in the agricultural workforce. The Livestock-Breeding Act of 1922 required licensing for breeding. Acts related to the marketing of eggs, pigs, bacon, butter, and cream required licensing by the Ministry of Agriculture. The Agricultural Marketing Act of 1933 established boards for marketing farm produce, with similar schemes for other produce.
During the 1930s, UK Legislation introduced protectionist measures in various agricultural areas.
The Agricultural Act 1947 established guarantee prices and markets in the UK, with marketing boards ensuring quality. The British Egg Marketing Board and British Wool Board operated in Northern Ireland. The Livestock Marketing Commission, established in 1967, acted as an advisory body.