THE north’s economy should be not return to business-as-usual when the Covid-19 pandemic recedes, two community focused economic bodies have said.
Development Trusts NI (DTNI) and UK think tank, the Centre for Local Economic Strategies (CLES), have called for the economy to be rebuilt on community-based principles.
The said the idea of a rapid ‘bounceback’ recovery is becoming increasingly unlikely, and criticised the idea of a ‘trickle down’ economy, which they say is pervasive in government policy. They claim that rather than creating prosperity for all, it has deepened inequality and increased poverty.
DTNI was set up to promote doing business in a community led setting, while CLES advocates for ‘progressive economics for people, planet and place’.
Both have urged a change in mind-set, largely based around generating more wealth and business growth at a community level.
They say it can be achieved through a range of measures including strengthening powers for local government, greater procurement at a local level, developing community enterprises and advancing local ownership of underused land and buildings.
Writing in today’s Irish News, Charlie Fisher of DTNI along with Joe Bilsborough and Neil McInroy of CLES state: “A return to normal would be a mistake; even at the end of 2019, growth was anaemic, poverty was stubbornly entrenched, and the Northern Irish economy was smaller, in real terms, than it had been back in 2007.
“Business-as-usual was not working before – it definitely won’t save us now. Instead, as we emerge from this crisis, we need to build back better, forging an economy across NI shaped by the principles of community and cooperation, with inclusivity and resilience at its heart.”
Meanwhile, the British Chambers of Commerce has called on the UK Government to be "bold" in restarting the economy, and not shy away from sustaining high levels of public spending.
The business group, which includes the Northern Ireland Chamber, has laid out a series of moves for a phased end to the current lockdown.
Steps should include safely reopening public spaces, schools and public transport, as well as workplaces and commercial spaces, said the letter.
BCC president, Baroness Ruby McGregor-Smith, said in a letter to Boris Johnston: "The fight against the virus must remain the top priority, but the planning and communication of a carefully phased approach to lifting lockdown must begin immediately if we are to harness the public health and economic benefits, both now and in the future."
It states that moves should be made to minimise job losses and business failures, putting the UK economy on a "high-growth, high-wage and low unemployment trajectory" as soon as possible.
