Target Economic Growth, Says Wilson

The North's Finance Minister Sammy Wilson has used a visit to Dundalk to underline the need for the Stormont Executive to make economic growth its top priority.

Projecting ahead to better economic times, he told an All Island Infrastructure Investment Conference in Dundalk that he believed the Executive had not done enough to advance long-term economic growth.

"Our Programme for Government was published over two years ago and I believe that when you look at the progress we have made in developing our economy's long term growth potential since then, the outcome might be judged rather disappointing," said the Minister.

"If I ask myself what we have achieved as an Executive in terms of policies to promote economic growth, I can point to a number of short-term demand-side focused initiatives.

"We have frozen domestic rates; we have delayed water charges; and we have introduced fuel subsidies for poor households.

"These measures have served as an immediate stimulus during a difficult time and demonstrated the Executive’s ability to act swiftly in response to the economic downturn. I would argue, however, that we have not done enough to advance long-term economic growth.

"We need to ensure that we do not lose sight of the importance of improving the supply-side of our economy."

He continued: "The Executive will soon begin to develop our new Programme for Government. Our current number one priority is ‘growing the economy’ but I worry about how we have actually delivered on this. It is difficult to see any significant change in policy focus toward economic growth over the last few years.

"It is imperative that we invest in a manner that generates enduring and tangible economic returns – this includes areas such as Research & Development and innovation; mathematics and technology skills; physical infrastructure; and the lessening of regulatory burdens."

(NS/BMcC)