2020 has been a year like no other..!

From the restoration of Stormont back in January, to the twin challenges of Covid-19 and the NI Protocol, 2020 has been a year like no other for business.

Against that backdrop, I was delighted to host a virtual CBI event which brought together five of Northern Ireland’s political leaders to reflect on the past year and debate how we navigate the challenging months ahead.

Firms across Northern Ireland want our local politicians to deliver on the issues that matter for their business and the wider economy in these unprecedented times - making the Protocol work for the local economy, delivering a long term economic and investment strategy, investing in skills and people, and ensuring the region is equipped for a green recovery.

What we hear from business time after time is that firms need to see ambition matched by action on the ground. Investment in infrastructure must be backed with an agile planning system and reduced departmental silos to ensure the delivery of priority infrastructure projects. And a commitment to creating new jobs must be tied to a comprehensive Skills Strategy firmly fixed on the long-term and the future economy.

Among many other takeaways from the CBI’s political debate on Friday, the importance of listening to voices from business was also abundantly clear. When there isn’t enough consultation with business on policy that affects them, it can wreak havoc on people’s jobs and livelihoods.

Firms still need as much support as possible to stay afloat as they navigate the crisis unfolding around us. The Office for Budget Responsibility’s latest economic forecast shows that the UK economy will contract by 11.3% in 2020, with recovery and growth picking up next year. So more than ever, the Executive needs to stay watchful and responsive to the immediate pressures on business as we enter winter.

Unfortunately, the recent announcement of renewed coronavirus restrictions in Northern Ireland were a prime example of how not to do things. With little engagement with firms beforehand, the Executive instructed all NI hospitality, non-essential retail and entertainment facilities to close.

NI businesses want to see infections brought under control. They know that our health system cannot function properly without a significant reduction in transmission. But this start-stop approach to lockdown doesn’t help anyone – it significantly undermines business planning and their investment in safety measures. Significant crowding in our town centres and retail outlets during this past week could have been mitigated with better planning from the Executive and collaboration with firms.

The targeted support for households and firms announced last Monday will go part-way in cushioning the blow of lockdown. But continuous lines of communication and ongoing consultation with business are going to be as critical as the financial support itself.

2021 can still be a year of recovery and renewal. Putting in hard yards to plan and prepare for it will be crucial to making it a success. Cooperation and partnership between business and the Executive will be key throughout. As lockdown policy inevitably shifts and evolves, the Executive must maintain close contact with firms, sharing robust evidence to show that the closure of more businesses will reduce transmission. And looking ahead, continued collaboration to devise and deliver a recovery plan that enables companies to create new jobs will help boost people’s life chances and deliver benefits for the wider economy.

Let’s also not forget the importance of consultation and planning in the context of Brexit. Striking a trade deal and agreement on the operation of the Protocol is essential to provide the certainty companies need to focus on adapting their business operations as appropriate: changing IT systems, ordering new labelling, getting familiar with new administrative processes and re-adjusting supply chains. And continuing to listen to firms’ experiences when it comes to GB-NI trade will keep business operations moving forward.

Collaboration has never been more vital to take on the challenges and capitalise opportunities of the new year. The CBI will be working collaboratively with our partners in Stormont, Westminster, Dublin and beyond to make 2021 a success.

Working together, business and the Executive can devise and implement a long-term vision for the economy that secures sustainable recovery.

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