Need for return of Stormont 'could not be clearer' following Jeremy Hunt budget, says NI Chamber
The need for an Executive "could not be clearer" following Chancellor Jeremy Hunt's autumn budget, the Northern Ireland Chamber of Commerce and Industry has said.
The organisation's chief executive Ann McGregor, in a statement issued on Thursday afternoon, said: “Time will tell whether the Chancellor’s statement will provide the stability required for the UK economy as a whole. With additional funding for Stormont announced today, the need for an Executive could not be clearer. One in five businesses here are merely covering costs, so as well as taking difficult decisions to balance the fiscal challenges associated with tackling acute pressures facing public services, we need Stormont up and running to support businesses to not just survive, but grow.
“Despite all the challenges and the tough messages in the Chancellor’s statement, we must not forget that Northern Ireland has enormous potential as we transition to a low carbon economy. A functioning Executive could do a lot to unlock that potential by taking action on areas like planning, skills and regulatory reform. The time for that action is now.”
Retail NI chief executive Glyn Roberts, meanwhile, said: "Our members are facing a perfect storm of cost challenges from Energy, Business Rates and a major downturn in consumer spend. It is disappointing that there was very little further support in the statement for local small businesses struggling to keep the lights on”
“The freezing of the threshold for employer National Insurance is a stealth tax on small businesses and jobs and will result in higher costs”