9. What recent assessment he has made of the effects on the Northern Ireland economy of recent financial developments in the Republic of Ireland. (29918)

We are concerned about the risk that the current economic difficulties in the Republic of Ireland might have on Northern Ireland. We will continue to work closely with the Northern Ireland Executive on these issues. The Financial Secretary and the Secretary of State met the First Minister and Deputy First Minister on 24 November to discuss these matters.

What steps can my hon. Friend the Minister take to do his best to protect the Northern Ireland economy from the worst effects of the financial crisis in the south?

As I said before, we should be proud of being part of the solution, rather than the problem, and it is right to stress the interdependence of the two economies. Ireland accounts for 5% of the UK’s total exports. We export more to Ireland than to Brazil, Russia, India and China together, and it is incredibly important—40% of Northern Ireland’s exports go there as well. So a healthy economy in Dublin is important to a healthy economy in Belfast.