Northern Ireland firms ‘disappointed’ by lack of investment to boost economy

Northern Ireland businesses have been left “very disappointed” at a “lack of significant, game-changing investments to boost the economy”.

NI Chamber president Kailash Chada also urged the Stormont Executive to agree its first multi-year budget in recent years to invest in the future.

The Government has said Chancellor Rachel Reeves’ Budget this week will see Stormont receive an extra £370 million to spend.

However the devolved Finance Minister John O’Dowd said the Budget “did not go far enough” in terms of investing in public services and boosting growth.

Addressing more than 900 business leaders at the NI Chamber’s annual President’s Banquet in Belfast on Thursday evening, Mr Chada said Stormont must take difficult decisions.

“We now need our Executive to agree its multi-year annual budget, make the difficult decisions and negotiate a long-term fiscal framework that enables us to properly invest in the deficits we have in skills and infrastructure,” he said.

“There was some much-needed extra cash for public services here.

“But as well as looking at the funding we receive, we must look at how we spend that money.

“To that end, I believe that we are long overdue a transformative approach to public services and public spending.”

Mr Chada emphasised the need for a long-term economic plan.

“Northern Ireland has talent, ideas, and ambition,” he said.

“What we need now is a shared vision and the courage to act.

“If we don’t, we’ll stumble into the next election cycle with no plan and no progress.

“That simply cannot happen.

“We need to have a clear view of what we need from the next administration.

“What we need is a long-term economic plan.

“A plan that is a blueprint for the kind of economy we want to have in Northern Ireland – thinking 10, perhaps 15 years ahead – and then set out the essential building blocks necessary to make that plan a reality.”