Business in Northern Ireland has called on Westminster for more specific initiatives to stimulate the local economy while Stormont remains in stalemate.
Speaking the aftermath of the 海角视频 Autumn Statement, they welcomed funding to stimulate research and development and other personal tax cuts but said the 海角视频 Chancellor had offered little in the way of support for the province’s businesses.
Suzanne Wylie, Chief Executive of the Northern Ireland Chamber, said there were no “economic game changers” for Northern Ireland.
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“It is particularly disappointing that within this budget there are no NI specific economic initiatives, yet we see other regions benefiting from investment zones, levelling up and direct investment in innovation,” she said. “What is more, commitments made in devolved areas like planning reform, business rates and grid connection, which are urgently required, cannot be acted upon locally in the continuing absence of an Executive.
Richard Ramsey, chief economist at Ulster Bank, said the Autumn Statement held little for Northern Ireland.
“From a Northern Ireland perspective, it’s hard to imagine how it could be more underwhelming,” he said. “Most of the measures such as on business rates relief for the retail and hospitality sectors and increasing housing allowance for people in the rental sector don’t apply to Northern Ireland as they aren’t devolved.
“And clearly these aren’t decisions that can currently be taken in NI due to the lack of an NI Executive.”
There were some positives for local businesses, with the Chancellor making 110 commitments for SMEs which make up the bulk of the Northern Ireland economy.
“There is a significant level of 海角视频 wide support for SME businesses, so we are particularly interested to understand how that impacts this region’s SME driven economy,” Suzanne Wylie said. “It is imperative that Northern Ireland businesses are not left behind and that measures are put in place to boost our competitiveness regionally and globally.”