BUSINESS bodies continue to pile pressure on the north's politicians to sort out their differences and move forward with the devolution of corporation tax powers.
The Federation of Small Businesses (FSB) said MLAs had the opportunity to unlock unprecedented for the Northern Ireland economy.
It said the setting of a date and rate for a new lower level of corporation tax would "be a large step forward in reinvigorating the local economy".
The group's policy chairman in the north Wilfred Mitchell said: "The executive now has power to lower Corporation Tax, subject to implementing the Stormont House Agreement, and to provide an unprecedented opportunity for growth, not only in our larger companies, but also in terms of developing further opportunities, customers and trade for all of the businesses in Northern Ireland.
However in order to be able to reduce the Corporation Tax rate, the Northern Ireland Assembly must set a budget, and in order to do this they must reach agreement on welfare. The current political uncertainty has already resulted in deferred investment decisions from existing companies and potential new investors."
Meanwhile, the Construction Employers Federation (CEF) said it was "deeply concerned" about the lack of agreement on welfare reform which it said could have serious implications "which will no doubt have a profound effect on the construction industry a".
Any reduction in budgetary allocation to infrastructure in Northern Ireland would have a detrimental impact on the local construction industry and would almost certainly result in a significant number of job losses," it said in a statement.
A vibrant construction sector will serve as an important catalyst for growth in the local economy putting in place the infrastructure that we so desperately need to enhance our economic competitiveness and attract foreign direct investment into Northern Ireland.
We are therefore calling on our elected representatives to work together to agree a way forward so that Northern Ireland can support a thriving construction industry and avail of every opportunity for sustainable economic growth.
