Executive must ‘raise its sights’
THE Executive must lift its game if it is serious about its commitment to developing business, jobs and the economy as a whole, employers’ organisation the CBI said yesterday.
Launching its response to consultation on the draft Programme for Government, Economic Strategy and Investment Strategy, it called for more ambition with the programme and pledged its support to make change happen.
Key to helping the economy grow is finding ways to release funding for firms eager to expand, said CBI Northern Ireland president Ian Coulter, adding that the province was also trailing the rest of the UK in crucial areas such as employment legislation, procurement processes and the planning system. “The CBI welcomes the Executive’s strong commitment to the economy and job creation, set out in these documents,” said Mr Coulter.
“However, the Executive must raise its level of ambition on the delivery of several key strategic commitments within the next 12 months, to match the vision set out.
“The economy in Northern Ireland is facing acute challenges which require urgent and focused attention to protect and grow the private sector, improve public services, and help build confidence within the business community.”
The organisation is calling for the inclusion of several strategic commitments in the final Programme for Government, including a coherent strategy to tackle continuing business funding challenges, more incentives and capital to help finance fast-growth companies and increased capital investment in infrastructure.
“It’s not an easy subject; from bank funding to price finance guarantee schemes to R&D tax credits to venture capital funding and mezzanine funding; how do companies get the access to capital to grow and we do think that within the first five priorities of the programme for government should be developing a counter strategy to mitigate the problem,” he said.
“To me, this is the most difficult question facing any government in Europe at the moment. So what we are doing as part of this report is to come up with 10 or 12 things that could make a difference.
“Can we solve it? No, the only thing that’s going to do that is time, while banks recapitalise and recover but we’ve got to mitigate.
“It’s not a case of government being blind to it I don’t think that would be fair but they need help from business.
“If we have a role to play as a business organisation then it’s here coming up with solutions and if we don’t do it then we are failing in our role.”
The CBI is also calling for an urgent review of employment regulations and efforts to reduce youth unemployment and improve the basic standards of education.
“The draft Investment Strategy includes welcome commitments to exploring other financial models and to delivering a more “joined up” approach and better value for money,” said Mr Coulter.
“Now firmer timescales and more detail is needed to create confidence within the construction sector and allow it to plan for the next three years, which it currently cannot do,” he added.
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Weather for Belfast
Tuesday 29 May 2012
Today
Sunny spells
Temperature: 12 C to 21 C
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