Business

Belfast City Deal will create a real ‘fast-forward’ for economic growth

The Lord Mayor of Belfast, Nuala McAllister
The Lord Mayor of Belfast, Nuala McAllister The Lord Mayor of Belfast, Nuala McAllister

BELFAST Lord Mayor Nuala McAllister has welcomed the Chancellor's signal in the Budget to "open negotiations" for a Belfast City Deal.

Such a deal would be a 10-year investment plan to improve infrastructure in the region, develop innovation skills and attract more – and better – jobs.

"This will create a real ‘fast-forward’ for economic growth here," Ms McAllister said.

"Working closely with businesses, universities and further education sectors, locally elected representatives across all parties are committed to getting the best deal possible.

"We look forward to negotiating in due course, but it is imperative we see the restoration of a functioning Executive in order to land an ambitious, forward-looking package that will boost prosperity and build skills – delivering not only for the city region, but for the whole economy of Northern Ireland."

Angela McGowan, the CBI's director in Northern Ireland, described it as a "positive step forward", even though there was no mention of a similar initiative in the likes of Derry.

"It was good to see the Chancellor focus on some of the longer-term drivers of economic success such as skills, R&D, infrastructure and investment," she said.

"Despite the huge focus on Brexit right now, it is important for us not to neglect the foundations of economic growth.

"Additional investment in infrastructure will help tackle regional inequalities and the opening of negotiations on City Deals for Northern Ireland represent a positive step forward."

But David Armstrong, PwC partner in Belfast, warned Belfast was slipping down the Good Growth for Cities Index and the forthcoming industrial strategy needed to "close the gap" between London and other UK regions.

"Moving towards a City Deal for Belfast should provide the city with a more cohesive set of levers to boost competitiveness across the entire region," he said.

"We await with interest how negotiations will emerge and how a City Deal for Belfast will fit into the Government’s wider plan for the region."