Businesses in Northern Ireland have been left ‘very disappointed’ by the lack of significant, game-changing investments to boost our economy and address falling productivity following the Chancellor’s Budget this week.
That was the message from NI Chamber President Kailash Chada, during an address to more than 900 business leaders at the annual President’s Banquet in ICC Belfast this evening (Thursday).
“We now need our Executive to agree its multi-year annual budget, make the difficult decisions and negotiate a long-term fiscal framework that enables us to properly invest in the deficits we have in skills and infrastructure,” he said.
“There was some much-needed extra cash for public services here. But as well as looking at the funding we receive, we must look at how we spend that money. To that end, I believe that we are long overdue a transformative approach to public services and public spending.”
Reiterating the need for a long-term economic plan he said:
“Northern Ireland has talent, ideas, and ambition. What we need now is a shared vision and the courage to act. If we don’t, we’ll stumble into the next election cycle with no plan and no progress. That simply cannot happen.
“We need to have a clear view of what we need from the next administration. What we need is a long-term economic plan. A plan that is a blueprint for the kind of economy we want to have in Northern Ireland – thinking ten, perhaps fifteen years ahead and then set out the essential building blocks necessary to make that plan a reality.
“As well as long-term plans, I think there are also number of priorities we could focus on now that could genuinely stimulate sustainable growth. Like delivering a Workforce Development Agency to respond to the demand our businesses have for talent; restoring investor confidence in the energy transition by setting clear policy and acting on enablers such as planning and re-opening the conversation on corporation tax and addressing the competitiveness issues we have on this Island.”
If we can action these, he said ‘together we can provide a prosperous future that can keep our most talented young people here in Northern Ireland, and build the homes, infrastructure, and services our communities deserve.’
With guest speakers including Sky Sports presenter, Nick Dougherty, PGA Professional Golf Coach, Georgia Ball and former Ryder Cup Captain, Paul McGinley, this year’s banquet celebrated the incredible success of The Open. Reflecting on it, Mr. Chada said, “The Open didn’t just bring the world’s best golfers to my hometown of Portrush, it brought the world’s attention. And it wasn’t just a sporting event – it was a spectacle, indeed a demonstration of what Northern Ireland can achieve.”
The 2025 President’s Banquet is supported by Headline sponsor BT; supporting sponsors Tughans, Barclays, Brown & Brown, Mattioli Woods, Charles Hurst and Tourism NI as well as drinks reception sponsor VANRATH; drinks partner Diageo; entertainment sponsor Gray’s Communications and media partner, Bauer Media Group.