Political and economic progress '˜essential for business in 2018'

Speaking as debate around Brexit and pressure on the political parties grows to establish an Executive grows, Ellvena Graham, president of the Northern Ireland Chamber of Commerce and Industry said businesses needed the support of “active and engaged public representatives” which was absent during 2017.

“We can’t go another year without an Executive with Northern Ireland Ministers taking decisions on Northern Ireland matters,” she said.

“Businesses need the support of active and engaged public representatives to boost their confidence at this critical time.

“If we remain stuck in the quagmire of 2017, Northern Ireland’s potential to become an economic powerhouse may never be realised.”

The lack of stability in local government had further compounded the lack of clarity surrounding Northern Ireland’s position within Brexit negotiations which has a crucial stake in the negotiations but no cohesive voice.

“Going into 2018, we must ensure that the atmosphere of uncertainty ends.

“Whilst we welcome the fact that the European Council has approved the progression of talks to the discussion of a transition period, and a future trade relationship, we must make it a priority that Northern Ireland’s unique trading circumstances are understood and recognised and that our ambition to grow the economy through cultivating external sales is not hindered.”

Clarity on the nature of the UK’s future trading relationship with the EU was needed to ease the “cloud of uncertainty that lingers over business communities and which is undermining many firms’ investment decisions and confidence,” she added.

“Even the best possible Brexit deal won’t be worth the paper it’s written on if the government fails to address the many long-standing, and well-known, barriers to growth here at home.

With the draft economic strategy sitting on a shelf, Ms Graham said key issues waiting decisions and action include corporation tax, APD and VAT on tourism, city deals across the province, the North South Interconnector and skills.

“A lack of skilled workers has long been considered one of the central weaknesses of the NI economy and finding staff with the right skills continues to be a major problem for businesses,” she said.

“That’s compounded by our flawed university funding model and the fact that the Apprenticeship Levy is not working for Northern Ireland.

“NI Chamber will continue to make the voice of the Northern Ireland business community heard where it matters at Westminster, in Dublin, in Brussels and by working closely the Northern Ireland Executive, the NIO and other key partners.”