Business leaders warn of ‘tipping point’ and call for end to political stagnation

Northern Ireland businesses are facing a “tipping point” and require the help of a functioning Stormont Executive, the leaders of an industry body have warned.

The president and vice president of the Northern Ireland Chamber of Commerce and Industry urged politicians at Stormont and in Westminster to reach a resolution which would restore the powersharing institutions.

The DUP is blocking the functioning of the powersharing institutions in Belfast as part of its protest against the post-Brexit Northern Ireland Protocol which has created barriers on the movement of goods between Great Britain and Northern Ireland.

The UK Government has vowed to secure changes to the protocol, either through a negotiated compromise with the EU or domestic legislation to empower ministers to scrap the arrangements without the approval of Brussels.

Current legislation says that unless Stormont is restored by this Friday, Northern Ireland Secretary Chris Heaton-Harris has to call Assembly elections, which he has said he is prepared to do.

Gillian McAuley president of the NI Chamber, and vice president Cathal Geoghegan, said this week was “pivotal” for the Northern Ireland economy.

A joint statement said: “Despite very significant pressures, most businesses are continuing to trade well, or at least reasonably.

“But the alarm bells are ringing with one in five businesses telling us that they are just covering costs.

“We are on a downward trend and now is the time for action; to build confidence, protect jobs and encourage investment.

“While a functioning Executive will not solve all the problems, the in-tray of overdue reforms and resultant crises continues to grow.”

They continued: “Over 170 days have passed since the election and within days we could be without local ministers.

“That’s more time lost for decisions about spending and overdue reforms on health, climate change and planning.

“Employers are in a cost of doing business crisis and our households are seeing the greatest squeeze on their finances of any UK region.

“We are at a tipping point that at the very least requires a functioning Executive.

“We do not underestimate the political challenges but decisions need to be made.

“We have been here before and are all too familiar with life without an Executive.

“We cannot repeat the stagnation of 2017-2020.

“Today, we urge all our political stakeholders at Stormont and in Westminster to reach a resolution with the sense of urgency it demands.”