Business

Why we need to reboot 'Northern Ireland Plc'

A fundamental change is required to the north's system of business rates, which are highest business rates in the UK, according to Retail NI
A fundamental change is required to the north's system of business rates, which are highest business rates in the UK, according to Retail NI A fundamental change is required to the north's system of business rates, which are highest business rates in the UK, according to Retail NI

THE world has moved on since we last had a working government at Stormont. Brexit uncertainty, climate change and trade wars are huge challenges to the UK economy and will impact on Northern Ireland.

That is why a restored Assembly and Executive need to be rebooted and become less about process and more about delivery. It cannot be business as usual with a few tweaks here and there - we must see real change.

We have heard in recent years about creating a Northern powerhouse in England –so how do we create a Northern Ireland economic powerhouse? How do we achieve a 5 per cent growth rate instead of bumping along at less than 1 per cent?

How do we make Northern Ireland the best place in the UK and Ireland to shop, socialise, locate and to start a business? What do we need to do to make Northern Ireland an eco-system of innovation?

Fundamentally, what should our region have achieved economically, socially and politically by 2030? Big questions like these require big answers from our political leaders.

I’m not doing down the 10 years of devolution - it did deliver a number of positive outcomes which Retail NI successfully lobbied for- the Small Business Rate Relief Scheme, Town Centre First Retail Planning Policy and Business Improvement Districts are among the outcomes that helped move our economy forward. But we need much, much more if we are to deliver the answer to my previous questions.

In Retail NI’s recently published Regeneration NI Plan we set a number of new policy priorities for a new Programme for Government.

First on the list for Retail NI is fundamental change to our broken and antiquated system of business rates. It is a scandal that Northern Ireland has the highest business rates in the UK, which is a huge burden on our members and our colleagues in the hospitality sector. It is very welcome that the Department of Finance has already begun a comprehensive review of rating policy with a view to providing options for an incoming Finance Minister.

Next is infrastructure investment. With the Belfast Regional and Derry Strabane City Deals moving forward, it is crucially important that our rural towns and villages are not left behind. Retail NI has called for the establishment of a Rural Town and Village Infrastructure Fund to support the regeneration of our rural towns and villages.

Investing in our rural towns should be on the list of key infrastructure projects, alongside the A5, A6, York Street Interchange and the Belfast Transport Hub. We also need to do more to support the growth of our two airports and examine the potential of a high-speed rail service between Belfast and Dublin.

We need to see a rural small business strategy established to provide support for existing businesses and the next generation of SMEs, a review of rural transport connectivity and faster progress on the rollout for rural high-speed broadband.

All of this will cost money. But if we are ever to break the cycle of limited economic growth and realise our true potential, then we a need a major investment by the British Government and possibly the Irish Government and the EU to make this happen.

To enable a new Stormont administration to tackle all of these challenges a Prosperity Investment Fund should be established as part of a new Good Friday Agreement for the 21st century.

While money is important, it is leadership above all else that we need. Now more than ever do we need our political leaders to lead the way with big bold solutions and to take the difficult decisions. Real leaders do not see problems; they seek solutions.

I want to see a Northern Ireland, which is an outward looking, confident, tolerant, welcoming and inclusive region that has something to give to the rest of the world. It can be done.

:: Glyn Roberts (glyn@retailni.com) is chief executive of Retail NI