THE head of the Confederation of British Industry (CBI) in Northern Ireland has said that that embracing the transformative benefits of the all-island economy can kick-start the north’s floundering economy.
CBI Northern Ireland director Angela McGowan made the comments to an audience of business leaders and economists in Belfast on Tuesday.
Addressing the event, focused on how the UK and Irish economies are performing against an international outlook, the CBI director said that while the north’s economy had significantly improved since the dark days of double-digit unemployment in the 1980s, she said that success had now stalled.
“Business has shown that it can be an engine of growth, one that brings jobs, innovation and improved living standards across Northern Ireland, but it can’t do it alone,” she said.
“Partnership with government is essential, that means restoring power-sharing institutions, but so is capitalising on vital east-west trade links and making the best use of our all-island economy.
“North-South partnership on areas like energy, healthcare and infrastructure isn’t just convenient, it can deliver higher growth, less deprivation, more people and communities included and sharing in this island’s prosperity.”
The CBI director continued: “We know that the shopping list from NI businesses is a lengthy one. From securing a Brexit deal to unblocking Belfast congestion and enhancing our digital skills offer, but there are investments we can make right now.
“It’s time for a clear vision for the local economy, one that focuses on economic fundamentals to keep Northern Ireland competitive and unlocks growth across the island of Ireland and between the British-Irish isles.”
Meanwhile the latest industrial trends survey from the CBI has offered some respite for manufacturers across the UK.
The report showed an improved picture for order books in November after a no-deal Brexit was avoided last month.
The CBI survey showed orders stood at their highest level since August, although still far below long-term averages, marking a pick up from the near-decade low levels last month.
It showed the orders balance rose to minus 26 from minus 37 in November, while export orders also increased from the lowest levels since the financial crisis seen in October.
Activity in the sector also stabilised, but remained under pressure as output by volume fell at a similar pace to October.
Manufacturers also expect output to be largely flat over the next few months as the UK grapples with a snap General Election on December 12 and the next looming Brexit deadline of January 31.
Anna Leach, deputy chief economist at the CBI, said: "While the thick fog of uncertainty from a no-deal Brexit has lifted somewhat, the manufacturing sector remains under pressure from weak global trade and a subdued domestic economy.
"Order books remain below average, and output volumes continue to fall.
"When taking into account the deteriorating outlook for manufacturing globally, it's clear that the outlook for the sector remains precarious."
The CBI poll of 307 manufacturers showed that output declines were driven largely by the motor vehicles, metal products, and metal manufacture sectors.
But this was offset by increased activity in mechanical engineering and plastic products sectors, alongside a boost from aerospace output.
