Executive must re-focus on economic growth - Wilson

Finance Minister Sammy Wilson has underlined the need for the Executive to make economic growth its top priority.

He told attendees at the All Island Infrastructure Investment Conference in the Fairways Conference Centre, Dundalk, that he believed the Executive had not done enough to advance long-term economic growth in Northern Ireland.

Addressing delegates at the 5th annual event, the Minister said: "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.

"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.

"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.

"In developing our new Programme for Government, in a tighter financial environment, the Executive will need to take some difficult decisions about economic policy – which may mean moving resources from other less important areas. Rest assured however, that I personally will do all I can to ensure that the economy remains firmly as the number one priority in Northern Ireland."

Mr Wilson concluded by highlighting the importance of infrastructure to economic growth and said: "Government has a responsibility to invest public money in the right areas to deliver a modern and prosperous economy in the future. This is how we can maximise returns from tax-payers investment. I firmly believe that investment in infrastructure and economic growth are intrinsically linked."

Notes to editors:

1. Media enquiries only to DFP Communications Office on 028 9052 7374 or 028 9052 7375. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be return.
2. Photographs of the Minister attending the All-Island Infrastructure Investment Conference are available by contacting the DFP Communications Office on 028 9052 7374 or 028 9052 7375.