That was the message from NI Chamber President Kailash Chada, speaking to around 900 business leaders at the annual President’s Banquet in ICC Belfast this evening.
The Budget from Chancellor Rachel Reeves on Wednesday did bring an additional £370m for Northern Ireland over the next four years, though just £18.8m is for spending in the present year.
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Mr Chada, also the chief executive of Phoenix Energy Group, said: “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.”
“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.”
He said Northern Ireland needed a long-term economic plan.
“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 10, perhaps 15 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.”
NI Chamber’s past president Cat McCusker, president Kailash Chada and chief executive, Suzanne Wylie
News Catch Up – Thursday 27 November
He added that such actions could mean that “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”.
Guest speakers included Sky Sports presenter Nick Dougherty, PGA Professional Golf Coach Georgia Ball, and former Ryder Cup Captain Paul McGinley, with the banquet celebrating the success of The Open, which took place in July at Royal Portrush.
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.”