Suzanne Wylie could be forgiven for being a little careworn when it comes to talking about the Northern Ireland economy and the issues that it’s facing.
But the Northern Ireland Chamber Chief Executive manages to exude common sense and plenty of passion, whether it’s the knock-on effects of geopolitics or matters closer to home that she’s talking about. And both have a bearing on those of us trying to do business in this part of the world.
“It’s a phrase that we tend to say a lot. That our economy is holding up pretty well. But, whilst it’s true, there is no real momentum and that’s the problem,” she says. “We’re resilient, yes, We’ve always been resilient. But the absence of long-term economic policy to stimulate the economy and overcome barrers to growth and investment, in addition to global factors, is holding us back.”
In common with other business organisations, and almost all business leaders, she has a clear message for the NI Executive, and it’s one they won’t be surprised to hear again.
“We always need to raise our voice in Westminster, and also in Brussels, but most of all, we need an Executive that is promoting the economy and tackling the issues business are facing today. It has a lot of tools in its box that could be put to good use.
“Public sector reform remains important, as does putting the public finances on a sustainable footing, but we’re also crying out for the prosperity than can be created by sustained economic growth. Instead, we’re seeing weak, uneven growth signals.”
Suzanne Wylie is quick to underline the fact that Northern Ireland hasn’t had a government-led economic strategy in place for an entire decade. With an election not too far over the horizon, she and the Chamber are realistic enough to know that the current administration can only do so much at this stage.
“But it can do something,” she says. “It can lay some of the groundwork now, but the newly-elected administration would then have to hit the ground running.”
To see how things can and should be done, we can look at other thriving economies, including some of the actions being taken by our neighbours in the South
“They’ve got a competitiveness action plan in place, they’ve a task force to accelerate infrastructure investments and they focus on FDI, SME growth, exports and cutting red tape. All the things that we should be looking at at a government level.
“Northern Ireland has its high performing companies, yes, but we need to develop more high performers and we always need to be more ambitious.”
All of that said, the NI Chamber Chief Executive is well aware that there are plenty of challenges and headwinds out there. “Businesses were already under sustained cost pressures even before the global geopolitical challenges were dialled up,” she adds. “So we’re hearing from businesses about margins being squeezed.
“The economic backdrop makes the need for an agreed, competitiveness-focused multi-year budget even more pressing. We need an Executive and Assembly focused on matters within their control – financial sustainability, a long-term economic plan, and action on key issues like wastewater, planning, skills and energy.”
Financial sustainability, she says, is key. “At the very least, we need to see a pathway to sustainable public finances and that has to start with an independent review of public spending. We really can’t continue to survive on short-term fixes and asking the Treasury to intervene every time we face a fresh crisis.”
But Suzanne Wylie doesn’t want to concentrate on the negatives, though. The Northern Ireland economy, she reckons, has a lot going for it.
“Think about it. We’ve got dual market access, for starters, we’re seeing the benefits of the City Deals, we’re not far off 100% full fibre broadband and we’ve got a lot of real talent in this region including skills that are in high demand in areas like cyber, fintech and life sciences. That’s not a bad bedrock on which to build,” she says.
Also on a local level, the Chamber has its concerns about the Good Jobs (Employment Rights) Bill, due to be hurried through the Assembly soon.
“It has to be balanced and carefully crafted and implemented,” says Suzanne Wylie. “Creating better jobs is a good thing, and none of us have any issue with that. But businesses, and particularly smaller family-owned enterprises, don’t need any more significant burdens added just at the moment.
“There isn’t long left in this Assembly mandate to get this balance right and we haven’t seen the Bill as yet, despite the fact that it could represent the most significant employment reform in decades. At the same time, where is the support for business and economic growth?”
On the wider picture, the Chamber CEO is clear and unequivocal.
“It’s been said that Northern Ireland businesses have never shown such resilience. But resilience is required because the policies we have are not driving conditions for growth, and there is a need to find a way through. To be honest, we could be expending our energy in much more positive ways. What we need from our Executive is clear direction.”
And, when it comes to specifics, Suzanne Wylie says that the Chamber’s shopping list includes the possible creation of a new Talent Development Agency to drive the skills agenda, moves between the UK and EU to reduce the complexities to trading under the Windsor Framework, a deliverable action plan on energy, planning reform and investment in waste water infrastructure.”
The NI Chamber has called for an independent review of government spending alongside a long-term economic plan.
“Look, businesses here are ready to help drive transformation. But, first, there is a need for some form of independent assessment. With informed, transparent decision-making, the Executive could build on the findings and come up with a dynamic transformation framework. This alongside a clear path for both addressing the barriers to economic growth and introducing levers to boost our competitive edge here, will be the test for the new Executive.”