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Permission to Succeed

Permission to Succeed. Declan Billington Chairman CBI Northern Ireland. The (NI) Economy is not really very sustainable; there’s not a strong enough business community and that needs to be reformed and structured Peter Hain, Secretary of State 8 th May 2007. Peter Hain, Setting the Scene.

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Permission to Succeed

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  1. Permission to Succeed Declan Billington Chairman CBI Northern Ireland

  2. The (NI) Economy is not really very sustainable; there’s not a strong enough business community and that needs to be reformed and structuredPeter Hain, Secretary of State 8th May 2007 Peter Hain, Setting the Scene

  3. Current State of the economy – The spin • NI GDP growth levels, at 2%-3% above GB • Employment is at a record high • Unemployment at a 26 year low • NI’s GDP growth is currently the fourth fastest-growing of the 12 UK regions • Property price boom So what's the problem?

  4. But… here’s what’s really happening • over dependence on the public sector • (NI public sector employs 1 in 3 of all workers and 60% of all females in employment) • an annual subvention from GB £6.8bn. 31% Deficit pa hardly the sign of a successful economy..

  5. Dependency growing NI GDP growth levels, at 2% - 3% above GB Driven by Public sector spending growth (approx 5% pa

  6. Underdeveloped private sector • 89 per cent of local firms employ fewer than 10 people • Only 65 companies employ more than 500 workers • 10 companies account for 50% of all NI exports • NI has second-lowest level of business formation of the 12 UK regions • NI has second-lowest level of business growth in the UK

  7. Society Issues Is this the foundation for political stability • NI has the highest level of both long-term unemployment and youth unemployment in the UK • NI has amongst the best - and the worst - qualified working populations (with 2 or more A-levels) • Some wards in Belfast and Derry have amongst the highest levels of deprivation in Europe • Approx 44,000 children here live in extreme poverty • We need to create up to 140,000 jobs next decade (last decade we created 85,000 jobs)

  8. Over 530,000 people (41% of working -age population) not economically active

  9. 141k 97k Falling unemployment masks rise in benefit claimants (hidden unemployment)

  10. Lack of opportunity drives Brain Drain (30 - 35% leave NI)

  11. And what of the Westminster endowment? £50 Billion peace dividend ? Spin Lower Corporation tax ? "Hanson plan" to transform the economy by 2015? (Regional Economic Strategy)

  12. The Reality • £50Bn package • In reality estimated to be £100m extra from Treasury. • £ 78m to avoid water charges • £20m for first year funding of innovation fund • Hanson’s Regional Economy Strategy • By 2015, Wage gap (75% of GB private sector) and Gross Value added (80% of GB average) have closed by 0.5% hardly transformational.

  13. Conclusion: We can no longer look to others to solve our problems. • We need Leadership for change from within Northern Ireland. • From our politicians • underpinning peace with prosperity • putting the economy top of the priority list • Making the tough choices

  14. “The Executive must seize this moment and begin to build a society, underpinned by a strong local economy.” ? Well, it’s a start

  15. Will Business step up to the challenge: Who in Business must step up to the mark and lead the economic change needed?

  16. Economy You!!

  17. What is our potential? We only need look at the original celtic tiger…. • The Year is 1900. • The UK’s third largest city (Belfast) dominates globally in the industries it is in: • Ship building – The finest ships in the world • Textiles – Dominating trade globally • Heavy engineering This is our pedigree!

  18. How did we do it before? By using only the natural drive and talent of local people , we became the industrial Workhorse of the British Isles

  19. Ask not what your country can do for you--ask rather what you can do for your country." Finally, in the words of JFK.

  20. Its our future Its time to take the lead

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