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Manifesto |
Economy Job Creation Access to finance Focus on specific ‘Enterprise Sectors’ Ambitious export strategy Increased public procurement opportunities Introduction The 2011-15 Programme for Government rightly identifies the economy as the Executives number one priority. This is a fine sentiment but one which must be backed up by actions, and ultimately improved outcomes. It is the responsibility of Stormont to create an environment whereby economic growth can be achieved, local businesses can flourish and jobs are being created. It is clear that there is much work still to do. The Ulster Unionist Party has a strong record on the economy, from being the first to hold the Enterprise, Trade and Investment portfolio following devolution to the importance of our current Ministerial post with responsibility for infrastructure. We led the calls for the devolution and subsequent lowering of Corporation Tax in order to help local businesses grow and attract foreign direct investment and we believe that this remains a key economic lever in the aim to rebalance the economy. We will continue our work in building a stronger, more vibrant economy. The Case for Change The economic climate in Northern Ireland must of course be viewed in a global context and in recognition of the current Eurozone crisis. However, that is not to say that local politicians can’t effect change for the better. It is well documented that we are over-reliant on the public sector which contributes a singificant proportion of GDP. We must work to redress this imbalance, not through slashing the public sector, but through supporting and growing the private sector and the social economy. We believe that Corporation Tax can play a significant role in lessening the dependence on the public sector; negotiations within the Ministerial Group seem to have led to vast increases in the potential cost to the Block Grant and the proposed timescale for agreement has now lapsed. If the First and deputy First Minister cannot deliver on this aim on behalf of the Executive then what is our Plan B? The unemployment rate in Northern Ireland has been consistently too high and often above the UK average, with the number of people claiming unemployment related benefits rising steadily. Whilst the Programme for Government sets a target to support the promotion of 25,000 jobs by 2015, the scale of this challenge cannot be understated. Current tourism figures are cause for concern with overseas visitors in the first quarter of 2012 down 13% compared to the same period in 2011 and visitors from Great Britain in 2012 down 15% from the previous year. Given the various tourism opportunities within Northern Ireland presently, this illustrates the failure of some existing approaches. Micro, Small and Medium Enterprises (MSME’s) make up the vast majority of our business sector and in that respect they are the lifeblood of our economy. However, prospects for expansion and growth of MSME’s are currently being hindered through issues such as difficulties in accessing finance, inflexible public procurement processes and lack of opportunities in the export market. The Way Forward Corporation Tax The devolution and subsequent lowering of Corporation Tax brings significant potential advantages in rebuilding and rebalancing our economy. The Ulster Unionist Party is clear that if Corporation Tax is devolved, it may be possible to phase in the Tax in stages to ease the strain on the Block Grant. There are two rates of CT, a higher rate of 24% and a lower rate of 20%. Simply put large companies pay the higher rate and small companies the lower rate. To ease the burden on Stormont’s budget, we might be able to afford a reduced lower rate of CT as a first phase. The negotiations with the Treasury have not looked at this possibility. If the devolution of CT is not delivered then we believe we should be lobbying the Treasury for increased investment in infrastructure. This approach is backed up by the Institute for Public Policy Research (IPPR) report into HMG’s economic policies as this highlights the importance of capital investment on infrastructure for the economy. Enterprise Sectors The Ulster Unionist Party has previously called for a Northern Ireland wide Economic Enterprise Zone (EEZ). This should comprise elements such as a National Insurance contribution holiday for employers creating new jobs, a 5% VAT rate on the repair, maintenance and improvement of the domestic housing stock, a reduced rate of Air Passenger Duty and the creation of a business friendly regime of tax and administrative regulations. In order to underpin our proposals for an EEZ, we believe that there should also be a focus on ‘Enterprise Sectors’. In the past Northern Ireland’s shipbuilding and linen industries as well as agriculture and rope works formed the basis of our economy and this was a successful approach. We believe that the current Economic Strategy lacks sufficient focus and by identifying five key sectors the Ulster Unionist Party are unambiguously stating what the Executive should focus on to spearhead our economic recovery: Science, Technology, Engineering and Maths – If Northern Ireland is to compete globally and increase exports then the STEM sector is vital. We need to ensure that there are skills to match demand and existing indigenous companies within these industries are adequately supported. Tourism - We are uniquely placed to capitalise on the decade of centenaries as well as promote our rich and diverse built heritage. The aim is to redress the failure to meet Programme for Government targets in the 2007-11 period in terms of visitor numbers and revenue. Agri-Food - Given the quality of our produce there is huge potential not currently being realised. The cumulative employment of the agri-food industry is now well over 90,000 jobs and is one of the strongest performers of all sectors in our local economy in recent years. It has significant potential to grow further. Creative Industries - The Creative Industries is an expanding sector with the recent successes in film and screen to the fore. With GVA in this area remaining at just 2% in comparison with 5.6% for the whole of the UK, we need to work to our full capacity as well as providing more facilities for the ‘post-production’ aspect of filmmaking. Social Economy - The social economy can flourish during economic hardship by reaching those most in need and bringing about positive social change through re-investment of profit back into local communities. More awareness of, and opportunities for, the third sector must be created. Our proposals involve a mixture of national as well as local policy decisions, and we understand the demands on resources. But we cannot be paralysed by events – we must move forward. Public Procurement Despite the Finance and Personnel Committee producing a comprehensive report in 2010 following their inquiry into Public Procurement in Northern Ireland, Northern Ireland still lags behind Scotland, who are legislating through a Sustainable Procurement Bill, and Wales, through their ‘Opening Doors’ Strategy. It is clear that we are yet to see delivery on the scale which is necessary. The Ulster Unionist Party’s vision for change within this important element of the economy, which accounts for upwards of £3 billion of spending a year in central and local government, is that public procurement should be tailored specifically towards supporting opportunities for local MSME’s as well the social economy. Some examples of how this can be done include encouraging joint ventures between MSME’s, breaking contracts into smaller and more manageable parts, facilitating secondments from the private sector into the public sector to increase understanding of procurement processes or simply improving access to information through the public procurement online ‘Portal’. Supporting Job Creation Much emphasis on job creation rests with Invest NI and we want three areas to be addressed as a matter of priority: Nearly £40 million of Invest NI funding was returned during 2011 therefore more flexibility in retaining funds for spending in subsequent years is needed. This allows a ‘Plan B’ to be put in place for any unspent funds. A failed tender process for a new business start-up scheme to follow on from the ‘Go For It’ programme has left Northern Ireland without a specific program for over a year; whilst this situation has only recently been rectified, we need this support service for individuals who are interested in starting their own business running to full capacity as soon as possible. We believe that the lack of openness and transparency surrounding job creation targets and performance has been particularly unhelpful in the current economic climate. DETI and Invest NI must measure jobs created across the board as opposed to jobs 'promoted'. The Ulster Unionist Party believes that Invest NI need to strike a balance between ensuring that there is proper accountability and transparency with regard to spending public money and adopting a sufficiently entrepreneurial spirit. Given the nature of the role of Invest NI and the substantial budget which they command, they should not be risk averse in carrying out their responsibilities. It is also important that regular reviews of Invest NI’s funding criteria are carried out to ensure that local MSME’s are getting the most benefit possible from this agency without the burden of excessive red tape. Youth unemployment is on the rise with over 1 in 5 of those aged between 18 and 24 currently unemployed. The Ulster Unionist Party will continue our calls for the £26.5 million which Northern Ireland will receive from the Coalition Governments ‘Youth Contract’ over the three year period from 2012-13 to be channelled into those young people who need employment. Education and training are also vital for our young people. We want to ensure that they have the skills to match the needs of industry and to that end Science, Technology, Engineering and Maths (STEM) subjects must be promoted. Vocational training and qualifications must also be developed in economically relevant areas as well as ‘Enterprise Loans’, along the lines of current student loans, which are accessible to school leavers who want to start their own business to apply for. Access to Finance We are calling on Her Majesty’s Treasury to set Northern Ireland specific targets for lending. This is to ensure that Banks in Northern Ireland are lending to MSME’s at a level which enables growth and job creation. From listening to businesses on the ground, we don’t think the Coalition Government’s ‘Project Merlin’ or the subsequent ‘National Loan Guarantee Scheme’ have brought about any significant improvement here with respect to local businesses accessing finance. After over three years of difficulties in this respect it is essential that the new ‘Funding for Lending Scheme’ which has recently been put in place brings about a significant step change in lending to local business. Alongside this we want to ensure that support remains from the Department of Enterprise, Trade and Investment for local Credit Unions which are now under the regulation of the Financial Services Authority. There may also be a role for locally based pension funds to make a contribution to the success of local business. In the USA it is normal, and in some cases a legal requirement, that local pension funds support local enterprise. Intellectual Property Despite the increase in patented technologies and innovative products since 1998, Northern Ireland still lags well behind the rest of the UK and the Republic of Ireland when it comes to Intellectual Property protection for those products. The number of patents gained in any region serves as an indicator of innovation and research and development, but more importantly, without IP protection, the high value innovative technologies produced here are vulnerable to being copied. We need a greater emphasis on education on Intellectual Property for our innovators and our producers, to ensure that their products and their services are protected fully, or we may face losing our ideas, our employment and our wealth creation. Export Strategy Exports are key to economic growth and for too long exporters from Northern Ireland have been overly reliant on markets close to home in the rest of the United Kingdom or the Republic of Ireland. The Ulster Unionist Party wants a build a more confident and global outlook. It is welcome that local companies are increasingly exploring the options and opportunities available to them within export markets further afield and government should be responsive to those needs. Knowledge and contacts are of course vital and the success of Trade Missions undertaken by Invest NI and various Executive Ministers must be measured in terms of the results which they deliver. Given the low absolute volume of sales to Brazil, Russia, India and China (£123 million in 2010), the current Economic Strategy’s commitment to raise exports by 60% by 2014/15 would only add around £80 million total sales according to PwC, so we want a more ambitious export strategy which will allow local businesses to break into new and emerging markets. Infrastructure A vibrant and fit for purpose infrastructure is a key driver in promoting growth and is therefore a principle component of the economy. Particular examples include ensuring a well-developed road transport sector and improvements to broadband digital networks. The value of capital expenditure on economic recovery cannot be underestimated and the Ulster Unionist Party is committed to delivering the benefits from major capital projects. In order to advance this we believe that the Executive should be utilising alternative financing methods as soon as possible, and certainly before 2016 as is currently the plan within the Investment Strategy. The Executive must also study the viability of obtaining finance from the European Investment Bank to fund infrastructure projects by leveraging more money from Europe. Both of these methods would provide a much needed boost to our struggling construction industry. We also need to work to improve broadband and mobile services so the public and businesses can avail of the best access possible. As technology continues to develop and usage patterns evolve, our telecommunications infrastructure must keep pace. Tourism This is an exciting time for tourism with the decade of centenaries, the five Signature Projects, the upcoming World Police and Fire Games and Londonderry as the 2013 UK City of Culture particular highlights. However, it is totally unsatisfactory that a tourism strategy has not yet been finalised in order to set out overarching aims which tie together these initiatives and facilitates collaboration across Government Departments. We believe in maximising the potential of genealogical tourism through promoting Northern Ireland as a destination whereby the millions of people worldwide from Ulster Scots or ‘Scotch-Irish’ descent can visit to trace their heritage. A Tourism Strategy should embrace our heritage of producing exceptional people, as much as it promotes our world class destinations, like the Giant’s Causeway, and our great achievements, like the Titanic. We must ensure that we are capitalising on the great success of our golfers. The Ulster Unionist Party believes that a number of specific trails should be put in place which golf enthusiasts from around the world are drawn to play, for example, whilst many Americans want to play Rory McIlroy’s home course of Holywood Golf Club, we should encourage tourists to play at clubs such as Moyola Park where he won his first tournament. We can also do more to promote our airports for tourism, as well as potential investors, and a ‘New Route Development Fund’ should be established for that purpose. Fishing Tourism is an area which merits attention and we need to develop and encourage the angling community as we can offer some of the greatest natural waterways in Europe. A PwC report in 2007 on the social and economic impact on angling cited that this sector could be worth over £70 million per annum to our economy by 2015. Alternative Energy It is vital that we push forward the green economy and make best use of Northern Ireland’s renewable energy capabilities. Northern Ireland has access to tidal and wind resources, for example, the SeaGen tidal turbine installed in Strangford Lough which is a world leader in its field. The £50m investment by Belfast Harbour to develop a new terminal for the assembly of offshore wind turbines which will be utilised by DONG Energy for its future Irish Sea operations will also bring hundreds of jobs; we must ensure that we have the skills in place to take advantage of those jobs. The potential economic benefits of the hydraulic fracturing of rock in order to extract shale gas, or ‘fracking’, may be substantial and exploration is therefore taking place. However, the Ulster Unionist Party will not support fracking until an environmental impact assessment is sufficiently undertaken which shows that the practice is safe. The Green New Deal had the ability to create approximately 10,000 to 15,000 direct and indirect jobs – and skilled workers to fill these vacancies are already available in the Northern Ireland economy. The failure to take forward this initiative was a missed opportunity and should be reconsidered. Energy Costs and Rates Increasing energy costs are having a hugely detrimental effect on businesses and domestic consumers. We must take practical steps to address this such as encouraging more competition in the electricity market as well as an equitable outcome to the current dispute between Phoenix Gas and the Utility Regulator. The use of alternative energy, as outlined above, also has a crucial role in driving down costs. In addition, there must be further research conducted by DETI on the significant negative impacts which high energy costs are having on jobs and the economy. Northern Ireland also suffers from some of the highest fuel prices in Europe and this again affects businesses and individuals’ right across the province and particularly those based in rural areas. The devolution of fuel duty, as put forward by some, is not the answer as estimates show that such a move would reduce the block grant by as much as £900 million. Whilst the UK Government’s fair fuel stabiliser was an improvement on the fuel duty escalator which it replaced, the Ulster Unionist Party will continue to oppose unfair increases in fuel duty for Northern Ireland consumers. Further to that, we are calling on the Finance Minister to undertake a complete overhaul of the rates system which instils fairness at the core and gives businesses the best possible opportunity to flourish. We also need to support our town centres as a matter of priority and our rates levies should reflect that with large out of town retailers, who have the greatest ability to pay, bearing a greater proportion of the rates burden. |
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