Farry says economy news should be major wake-up call

Alliance Economy spokesperson Stephen Farry MLA has said news Northern Ireland’s economy grew by just 1.1 per cent last year should be “a major wake-up call” for those parties blocking agreement here.

The figures from Danske Bank also predicted subdued growth for the economy over the next two years, with Brexit-related uncertainty and the lack of an Executive creating “a climate holding back investment,” according to experts.

“These figures should provide a major wake-up call for those political parties blocking agreement here,” said Dr Farry.

“Our economy is growing more slowly than any other part of these islands, most of Europe and the rest of the world. Uncertainty around Brexit is also not providing a conducive environment for either inward of internal investment.

“Political deadlock means Northern Ireland is falling further behind in terms of key economic reforms and related policy interventions – we have no Programme for Government, no economic or industrial strategy and no productivity plan.

“Key economic drivers such as skills are being starved of resources, while inefficient parts of our public sector are being protected. There is a real danger the local economy stagnates and will take many years just to catch up, while lots of opportunities, especially for young people, will never appear.”

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