The Prime Minister marked one year of devolution with what he suggested was a birthday present to the power-sharing administration.

Public assets

He said that he was going to allow local ministers to hold on to an extra £1 billion of funds, raised through the sale of public land, buildings and other assets, over the next three years.

But upon closer inspection, his offer was potentially empty – unless the Stormont administration is prepared to take a very high risk and sell a wealth of property and acreage, in a tricky economic climate.

Caution

Employment Minister and UUP leader Sir Reg Empey said: "It looks like a £1 billion gift from the Prime Minister and the Treasury.

"We can hold on to the money from the sale of Government land. But I am not impressed.

"Gordon Brown is attempting to force our hand here and we need to be very, very careful.

"Six or seven years ago he tried to get us to sell the Belfast Harbour and the Assembly resisted, thank God. Because it would have been a disastrous decision which cost Northern Ireland hundreds of millions of pounds.

"This is the sort of thing he is now trying to push for again."

Investment

The Prime Minister made his cash offer while attending the US Investment Conference at Parliament Buildings.

As part of the financial package accompanying peace, the Treasury had already said to the Stormont Executive it could keep £1.1 billion of assets sales, over the next three years.

Yesterday's additional proposal would mean the administration could pocket over £2 billion in total - which would be a lifeline for health, education, roads and encouraging private sector investment.

But having already set a list of targets for sale by 2011, the Executive has been struggling to hit the £1.1 billion target.

And with the property market in downward spiral, valuable buildings and land are becoming worth less everyday.

A taskforce reported before Christmas that it had pinpointed £300 million worth of potential sales, additional to several hundred million already listed for sale.

This would raise the question: what else is there that can be sold-off that belongs to the people?

Last week, the Varney Report on the Ulster economy suggested the sale of the Port of Belfast, public car-parks and housing stock.

Sir Reg Empey said Belfast Harbour, which includes the port and around 2,200 acres of prime land, was a strategic site for Northern Ireland which had to be very carefully handled.

Private sector

He warned against rush for the quick buck, and living to regret it.
He would have been more impressed if Mr Brown had, for example, given the Executive a site like Lisanalley Barracks in Omagh, for development.
Mr Brown told almost 100 top US business executives the offer was "to encourage the Northern Ireland Executive to move further and faster towards strengthening the private sector in the economy".

Joined at the conference by Brian Cowen, he added: "I firmly believe that in today's global economy the countries that will succeed will be those that unlock the talents and potential of all their people.
"For years the political situation meant that in Northern Ireland it missed out on the full benefits of growth and stability but today Northern Ireland is emerging at a time of peace and prosperity.

"I believe that huge opportunities exist here - competitive operating costs, excellent infrastructure, enhanced connections internationally. These are just some of the factors that have combined to make Belfast only second to London in attracting foreign investment projects."

Dynamic region

Mr Cowen told US delegates that he hoped their few days here would "hopefully provide you with a wonderful insight into all Northern Ireland has to offer".

"You will discover a young, educated and hard-working people determined to leave the past in the past and hungry to embrace the opportunity of the future," he added.

"You will discover a dynamic region, well-placed to take advantage of its links to the rest of the island, to Britain and to Europe, and you'll also find an opportunity to be a part of something truly historic - to play a personally memorable and economically rewarding role.

"For when the history is written of the early 21st century, I believe that the progress here will rank as one of the most remarkable successes of our times."