Paisley addresses federation of small business at Labour Party conference

The First Minister has highlighted that the economy and the business community will be a key priority for the Northern Ireland Executive over the next few years.

Making a keynote address to the Federation of Small Businesses (FSB) at the Labour Party Conference, Rt Hon Dr Ian Paisley MP, MLA said that, while some aspects of Northern Ireland’s economy were performing well, fiscal changes and investment are required for our economy to really succeed. He also welcomed the significant contribution that the small business community makes to our economy and congratulated FSB for its work in this important sector.

Dr Paisley said: “Some 98% of our companies employ fewer than fifty people, so we are truly a small business economy. I would like to congratulate the FSB in Northern Ireland for the important work it does. Small businesses are key in fostering the entrepreneurship, competition and innovation that leads to long term growth and development.”

Dr Paisley then highlighted problems which will need to be addressed and the need for fiscal changes and investment.

“While we have high levels of employment, significant structural weaknesses remain. Levels of productivity and private sector earnings are low. We have high levels of economic inactivity and a relatively small private sector.

“Fiscal changes and investment are required for our economy to succeed. We must develop a high wage, high productivity economy focused on high value-added export markets.

“However, several decades of under-investment must also be reversed. And corporation tax is a specific area we would like to see addressed. A change would allow Northern Ireland to expand its export base through the attraction of profitable foreign direct investment. It would also create an economy less dependent on a subvention from tax payers in the rest of the UK.”

The First Minister concluded by saying: “The economy has now moved centre stage in terms of the policy agenda. Together with Ministerial colleagues, the Assembly, the business community and other social partners, I am committed to enabling the private sector to achieve its full potential and I know that organisations such as FSB will rise to this challenge.”

Notes to Editors:

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