Assembly Speech - 10th September 2007
Mr Speaker/Deputy Speaker
It is the priority of all responsible elected reprsentatives to see economic prosperity and the financial and other benefits that flow from a successful econmy being enjoyed by their constituents. I empathise with Mr Gallagher in this regard. And it is to be welcomed that this subject of economic prosperity is on the agenda today.
While I identify with the problems and have sympathy and well understand the issues he raises and have the same level of concern as him, I differ in how to address the issues and I support the amendment.
As an East Belfast representative I am, unfortunately, able to make a case for a task force in the east of the city. Figures published by NISRA demonstrate the depth of the problem. The area around Newtownards Road/Dee Street (Island Ward) has an unemployment rate of 6.3%, 40% of whom are long-term unemployed. It is in the top 10% of wards in Northern Ireland on the multiple deprivation indices. The Mountpottinger/Albertbridge Roads (Ballymacarrett Ward) is the ninth most deprived area of Northern Ireland with an unemployment rate of 9.3%, of which nearly 50% are long-term unemployed. Avoneil and Lord Street district (The Mount Ward) is the fourteenth most deprived in Northern Ireland, with unemployment at 9.2%, of which 45% are long-term unemployed. And, according to the BIFHE/Mollins report, 17 000 in East Belfast have difficulty reading and writing. The case for a task force can be convincingly made.
I believe everyone in this Assembly wants to see sound and sustainable economic prosperity in Fermanagh, Omagh, Strabane, Dungannon and Cookstown District Councils.
If we are to address the problem over all, and we are geographically a small area, we have a population of only 1.7 million people and within two hours you can drive to any part of Northern Ireland.
If we are to bring about a stronger private sector commercial and manufacturing case, a fairer rate of corporation taxation is required.
I believe that the creation of a business culture which is steeped in innovation will be more easily achieved with a reduction in corporate tax to 12.5%, or better - to 10%.
This one factor - immediately attracting greater levels of inwards investment - could achieve a great deal in economic growth and should be central to any strategic and political planning. We await the outcome of the Varney Review.
We also need better targeting of funding in the commercial and educational sectors and have to recognise that Research and Development (R&D) is weak, with existing availabilty of R&D support for firms poorly utilized. We need to encourage and reward - not penalise - companies that invest in R&D.
There should also be a shift in emphasis which redirects the lion's share of support to firms that focus on innovation, from whatever sector or location, and, in partnership with universities, to reinforce attempts at hi-tech business incubation opportunites and to reassess how private investors can be encouraged to take a greater role in financing businesses in Northern Ireland, including firms in the west of Northern Ireland.
Closer cooperation between government, educationalists and business entrepreneurs is one factor, with training tailored to the needs of the manufacturers and companies. This would have a dramatic impact.
The business support agencies, under the umbrella of Invest Northern Ireland have a huge role to play in achieving this. There needs to be a greater willingness to risk financial support for new start up businesses, the level of bureaucracy reduced and most important of all, the time needed to come to reach a decision needs to be shortened. This can be achieved.
Such pre-emptive partnership working between sectors could then be applied wherever it is required across the whole of Northern Ireland.
The best thing all political parties could do in addessing the economy issue is to, within the Comprehensive Spending Review, call for increases in the budget of the DETI to ensure the money to tackle the problems is on the table.
I want to see economic prosperity for all; I want to tackle neglect, increase investment and maximise business opportunities right across Northern Ireland and it is for these reasons that I have supported the ammendment.
