The UK government’s Budget has thrown obstacles in the path of business in Northern Ireland, one of the year’s biggest gathering of businesspeople has heard.
Addressing 1,100 business leaders at the NI Chamber’s annual President’s Banquet, its president Caitroina McCusker said members had communicated their unease following the announcement from Chancellor Rachel Reeves last month.
The Budget ushered in changes which will hit business hard, including increases in employer national insurance contributions, as well as changes to business asset disposal relief and inheritance tax.
Ms McCusker said: “I have heard from many of our members that the Chancellor’s Autumn Budget has thrown obstacles into the path of businesses and that the acceleration of the tax burden adds to the already high cost of doing business, leaving some employers with tough choices if they are to remain competitive and grow.”
She said it had compounded other, existing problems. “Confidence is not where it should be.
“We need to pick up the pace on many issues to unlock growth including wastewater, planning, skills, childcare and digital connectivity.”
Ms McCusker called for innovation in the economy, with measures including the use of AI in public sector transformation.
And the PwC boss stressed that getting Northern Ireland ‘back on track’ with its climate change targets could unlock a wall of green capital and investment.
Ms McCusker, regional market leader at the business advisory firm, said a new workforce development agency could ensure the region has the skills needed in a digital economy, and called for solutions to ‘the burden of unaffordable childcare.’
The business leader also challenged business and political leaders in the room to “reflect on how we can each use our imaginations constructively to identify opportunities that others may overlook, challenge the status quo and raise our collective ambition”.
Reflecting on a year which saw the devolved institutions restored, she called for greater partnership between the public, private and third sectors, saying: “We now have a draft Programme for Government, a budget and a legislative programme.
“Now, we need to build on that. Through collaboration, co-design and co-delivery we have so much potential to deliver for our economy and most importantly, for our people.”
To address the issues at play, she said there was a need for a “long-term economic plan which not only recognises the stark realities but with ambition addresses them head on, supporting our businesses to invest, innovate, export and succeed.”
The event was sponsored by NI Chamber’s communications partner BT, along with supporting sponsors ABL Group, Barclays, Mattioli Woods and Tughans, as well as drinks reception sponsor Vanrath, Media Partner, Bauer Media Group and drinks partner, Diageo.
Children’s author and TV star David Walliams was the event’s guest speaker.
Paul Murnaghan, regional director for business, BT in Northern Ireland, added: “BT is delighted to once again support the Northern Ireland Chamber of Commerce’s President’s Banquet, a flagship event in the NI business calendar.
“Now in our 18th year of collaboration and partnership, we congratulate the Chamber who work tirelessly throughout the year for the benefit of all NI businesses large and small.
“The banquet presents a great opportunity to network, celebrate successes and also to come together and explore opportunities and debate challenges facing businesses and the NI economy.”