In a wide-ranging presentation to the Assembly Economy Committee (9 November), the Northern Ireland Independent Retail Trade Association (NIIRTA) called for a ‘reboot’ of economic policy in the new Programme for Government and for the Executive to produce a stimulus package to boost the local economy as Brexit approaches.
Speaking to the Economy Committee, NIIRTA chief executive Glyn Roberts said: “Central to the next Executive Programme is the need to boost our productivity as a region and be more ambitious for growing the NI Economy. Rather than accepting a growth rate of one or two percent, could we achieve 10% growth over the next five years?
“The 12.5% Corporation Tax rate is no silver bullet and without real investment in Skills and Infrastructure its real potential will be lost. In light of Brexit and the rapidly changing world economy we need to see a ‘reboot’ of economic policy in the new Programme toward a stronger focus on Skills, Infrastructure and radical reform of business rates.
“In the short term we need to see the Executive bring forward a stimulus package which boosts both business and the local economy.
“Business and trade organisations need to be part of the PFG discussions and not just consultees, to ensure that we have a real and genuine partnership to ensure real delivery and a PFG which has a 10% economic growth target as its number one priority.
“With a competitive tax regime, modernised infrastructure and investment in skills, there is no reason why Northern Ireland could not be the best place in the UK and Ireland to locate or start a business. All we need is the ambition.
“Both Hospitality Ulster and NIIRTA have recently launched a radical alternative to the current system of Small Business Rate Relief, which would be targeted to the independent retail and hospitality sectors. As both sectors make a huge contribution to our local economy, town centres and tourism we believe it is right for the Executive to make them a priority for rate relief.
“For many local businesses this is a difficult and uncertain time. The road ahead will be a huge challenge as we adjust to the huge impact of a future outside the EU. The focus now is on how we move forward and create the stability and confidence all sectors of our economy need. That means strong, calm and decisive leadership at Westminster and Stormont”
“We need a clear plan to ensure the protection of tariff and barrier-free access to the EU 11million Euro Single Market, with its 500 million consumers and 26 million businesses. New separate trade deals with the over fifty countries across the world that are currently covered by our membership of the EU are also a UK Government priority.”
Glen Roberst added: “A top priority is to ensure that Brexit does not result in the hardening of the border and that no barriers are placed on trade or cross-border workers. There is a huge amount of work to do either side of invoking Article 50. Disentangling the UK from the EU is going to be both time consuming and tricky and we need to ensure that we leave in the best possible terms with our European partners.”
