BUSINESSES in Derry and the north west are “confident of growth” in 2022, despite cost pressures and the continuing challenges presented by covid.
With just 100 days to the Assembly election, they will also lobby heavily on the incoming Executive to address what they say is the “regional imbalance”, where the focus - and bulk of financial assistance - tend to be Belfast-centric.
And significantly, the perceived difficulties around the NI Protocol aren't a priority, with respondents in a survey of Londonderry Chamber members citing it as their second least important issues.
Three quarters of respondents said they expect their businesses to grow this year.
Probed on specific cost increases, 65 per cent cited energy costs while 58 per cent said staffing difficulties.
Six in 10 businesses said they were considering price increases in the next 12 months in response.
Businesses also wanted to see the extension of rates relief into the new financial year and a delay to the increase in VAT.
Londonderry Chamber president Aidan O’Kane said: “These survey results are a cause for optimism after a turbulent 12 months.
“With nearly all Covid-19 restrictions lifted, businesses are finally beginning to put Covid-19 in the rear-view mirror and focus on recovery.
“But the findings also lay bare the devastating impact that cost pressures are having on local businesses.
“Only 5 per cent of respondents stated they have seen no cost increases recently, and as energy and material costs surge, businesses are reeling.
“ An extension of rates relief into the new financial year and a delay to the VAT increase is essential to prevent these cost increases hitting the consumer.”
He said north west businesses were clear in their need for skills and workforce development support.
“Staffing shortages are widespread, and it is only through the continued expansion of Ulster University Magee and North West Regional College that we can create the talent pipeline our region needs,” Mr O'Kane said.
“Our businesses want to see the incoming Executive make addressing regional imbalance a top priority. Just nine per cent of members want to see a focus on the Protocol, which, while the focus of significant political discourse, was the ninth of ten most important issues facing respondents.”
He added: “In 2022, we have an opportunity to put the pandemic behind us and focus on rebuilding our regional economy.
“But the Executive and UK Government must listen to our concerns and provide businesses with the support they need going forward.”
