Wilson listens to concerns of business leaders

Finance Minister, Sammy Wilson, met with a delegation of business leaders from the Institute of Directors.

Discussions at the meeting centred on the current state of the economy and the actions the Executive are taking to help support local businesses.

Following the meeting, the Minister said: “With the further downturn in economic conditions and an uncertain outlook for UK public finances, I have taken up office in what are very challenging times for local businesses and the public sector.

“With such a backdrop, I am keen to meet with key stakeholders, such as the Institute of Directors, to listen to their concerns and explore how the Executive can move to support local businesses - particularly Small and Medium Sized Enterprises - through the current downturn.

“Today’s meeting gave me a valuable insight into the challenges being faced by businesses across Northern Ireland and also provided a flavour of the types of things we can do to help alleviate these challenges.”

The Minister sought views on such measures as the 10 day prompt payment target, recently introduced to help improve the cash flow position of firms who supply the public sector, and improvements in Government Procurement practices to help cut costs for firms bidding for contracts.

Minister Wilson continued: “Going forward, I think one of the best ways in which we can provide support to local business through the economic downturn is by ensuring maximum use of the resources available to NI departments.

“In an increasingly constrained financial environment, we must strive to use the resources we have to maximum effect, seeking out opportunities to work smarter and collaboratively, increasing our efficiency and delivering public services as effectively as possible”.

The Minister concluded by stressing the importance of continuing to work towards driving forward the local economy and delivering on the Executive’s longer term economic goals.

He said: “While short-term help is important, we must also keep our longer terms goals in mind and continue to invest in our economic future. We will want to ensure that our local firms emerge from the recession well positioned with improved skills, productivity and competitiveness”.

Joanne Stuart, Chairman, IOD NI Division, said: "The IoD welcomed the opportunity to meet with the Minister to discuss the challenges being faced by businesses in the current economic climate”.

"The Programme for Government has placed the economy as the top priority for the Executive and the Department of Finance and Personnel has a key part to play in ensuring that all budget decisions meet this fundamental criteria. Businesses are continuing to face challenges with cash flow and accessing credit, and with the Minister’s role as Chair of the Banking, Finance and Lending sub-group of the Cross Sector Advisory Forum, we have re-iterated the need to support businesses to ensure that viable businesses do not fail”.

"We look forward to working with the Minister and his team as we implement policies to support business, rebalance the economy and grow a dynamic economy."

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