Business

Business stepping up to the mark to keep daily life and economy afloat

Strabane-based O'Neills is among a number of northern businesses which have repurposed operations to help in the covid fight
Strabane-based O'Neills is among a number of northern businesses which have repurposed operations to help in the covid fight Strabane-based O'Neills is among a number of northern businesses which have repurposed operations to help in the covid fight

EVERYONE in these testing times is dipping into new reserves of resilience. The world is different. Streets are virtually empty. Families are hunkered down at home. And NHS workers are going above and beyond for us all.

Coronavirus has changed life as we know it. For businesses it’s no different. Northern Ireland firms are stepping up to the mark in these incredibly challenging conditions. They are keeping the wheels of daily life and the economy spinning.

At the CBI, we’ve been listening to local firms to understand how coronavirus is impacting what they do and what can be done to help them. They couldn’t have been clearer - the last few weeks have been as testing a time as they have ever faced.

Many companies have told me that the unprecedented levels of economic support announced by the government will stave off the very worst for them.

The latest package from the Chancellor for mid-sized firms demonstrates that government understands the importance of supporting our most significant regional employers. These firms make a huge contribution to the economy, so it’s good to see they will be getting the backing what they deserve. Speed is now of the essence.

We need to get this money to these firms as fast and as efficiently as possible.

Reforms to the CIBL scheme for firms up to £45 million will simplify the process and make it easier for loans to reach smaller businesses struggling for cash. Alongside, banks are working at lightning-fast speed to deliver loans to firms most in need.

Companies have also expressed relief that Northern Ireland business rates will be significantly cut. CBI NI had previously called for a temporary holiday for all non-domestic rate payers. We very much welcomed the decision in last week’s Budget to introduce this measure for a three-month period as a step forward in the battle against business costs through this crisis.

However, as events unfold, companies here may need that rates holiday extended to 12 months, in line with non-domestic properties in England.

In last week’s Budget statement, the news of nearly £800 million additional COVID-19 funding for Stormont also eased some concerns. With almost £275m remaining unallocated, Northern Ireland firms now want to understand how the money will be spent on the ground quickly and will been keeping their eyes out for detail.

In the midst of all of this, one thing that has been really heartening is the countless reminders of the powerful difference Northern Ireland firms are making in support of the health service, vulnerable people, their employees and other businesses.

Much has been written about the fantastic work by Northern Ireland companies and local universities to support public health. It is extraordinary. Beer, gin and whisky makers turning their hand to anti-bacterial sanitisers; companies ramping up testing capacity; a consortium of our biggest and best manufacturers working at as quick as they can to increase ventilator capacity.

Smaller businesses are playing their role too. Take Denroy, a local manufacturing business that in normal times makes aircraft interiors. In Covid-19 times, they are making plastic visors for use by frontline NHS staff. Or there’s sportswear firm O’Neills who are now manufacturing clinical scrubs.

Firms are acting as a backstop to support those who care for the most vulnerable among us. Energy and water companies have worked with government to help people struggling to pay their bills.

Businesses are rightly rolling out all kinds of support for staff to work from home with new technology. And for those whose physical premises remain open, they are rapidly putting in place social distancing measures such as perspex screens on production lines, staggered working hours and extensive cleaning. Protecting people, production and the jobs that will be needed when normal life returns, as it will.

The vast majority of firms are doing the best they can in these highly pressurised circumstances. They know that reputations are forged in times of crisis. Some have been criticised for following UK Government guidelines and staying open.

Northern Ireland companies urgently need clarity from the Executive on whether they should be remaining open or temporarily closed. Updating guidance on essential businesses will help local firms ensure essential products and services keep going, while prioritising employee safety. Clarity will also help the public and family members of critical workers to understand just how important these employees in critical sectors and supporting sectors really are.

Businesses of all sizes and sectors in the north are showing exactly what it means to be a business with purpose. The list grows by the day and more will follow.

And when we do recover, firms will not just have helped keep our economy resilient but will have shown their value to the whole of society.

:: Angela McGowan is director at CBI Northern Ireland

:: The CBI is has set up a free coronavirus business hub at www.cbi.org.uk/coronavirus-hub