A G OOD E CONOMY FOR B USINESS EQUALS A G OOD E CONOMY FOR S OCIETY Joanne Stuart

E CONOMIC R EALITY Unsustainable private sector / public sector ratio Decade of strong domestic demand fuelled by cheap credit and growing public expenditure is over Size of public sector has stifled export led growth Reduction in public procurement & capital investment Unemployment – 7.6% (UK 8.1%, RoI 14.5%) Unemployed more than 1 year – 45.1% Young People – 18.1% Economically inactive % (UK 23.3%) Rising unemployment and welfare costs Insufficient job opportunities

T HE E CONOMIC V ISION Balanced, Competitive, Sustainable A mix of traditional and new sectors Food & Drink, Engineering, Construction, Retail, Tourism High tech, Green tech, Creative Industries SME’s, SE’s, new Enterprises, Foreign Direct Investment SME growth through strong export performance Promotion of NI attributes to attract investors and visitors Retaining, Creating and Attracting Jobs

W HY IS B USINESS I MPORTANT The size of the economy is decreasing Reduced public expenditure Reduced domestic consumer demand Job insecurity The only way to grow economy is through Exports – growing sales outside of NI Foreign Direct Investment – into NI There are challenges SME Economy 88% less than 10 employees, 98% less than £5M turnover Low productivity (80% of UK) Difficulties accessing finance End to Financial Assistance

B USINESS F RIENDLY E NVIRONMENT A low and competitive rate of Corporation Tax Transform our ability to attract FDI Create an entrepreneurial driven economy Profit not grant driven Development of high growth potential companies Improve access to finance Equity financing / Build trust between business and banks Improve performance of Planning system Time to get decisions / economic considerations Minimise amount of regulation and red tape Encourage job creation Minimise impact of EU regulations Economy proof every decision

S TRONG B USINESS F OCUSED E CONOMY More profitable businesses Job security Creation of more jobs Larger local supply chain Investment in new products, services, markets Ability to provide more apprenticeships, work experience, routes to work Improved skills of workforce Increased social investment Increased taxes VAT, PAYE, NIC, CT Impact on Society Increase consumer confidence Increase local consumer demand Requirement for more local services Increased R&D, supports FE and HE Tackle youth unemployment Social inclusion Address NI social issues Revenues to support public services

D ELIVERY OF P UBLIC S ERVICES More competition for public services Value for money, efficiencies, quality Encouragement of partnership between private, social and voluntary sectors Procurement / Social Clauses Every service brought in-house has consequences Reduces jobs in area of economy prioritised for growth Reduces ability to cross and up sell Green New Deal Private, Social, Voluntary, Environmental, Unions Address Fuel poverty, address environmental issues and create jobs Leveraging private sector investment

S OCIAL I NVESTMENT Businesses invest money, time and resources Supporting Schools Sentinus - over 900 business volunteers BiTC - Time to Read – improving children’s reading skills 1,000 children, 120 companies, 500 business volunteers Providing business experience Charitable boards, Schools governors, Mentoring IoD supporting social entrepreneurs Providing work experience and jobs through partnerships with voluntary & community organisations Sponsorship and support of Arts, Sports, Communities Private Sector contribute to the growth of the Social Economy

P ROFIT IS G OOD ‘Not for Profit’ is a misnomer Sustainable businesses must be profitable Profits enable Investment in Research & Development Sustaining and creating jobs Training and skills development Provide work placements Social investment programmes Shareholders provide finance to fund growth More recognition for triple bottom line Financial, Social, Environmental

C ONCLUSION A growing and dynamic economy led by business will Sustain and create jobs Underpin our social agenda Support public services Provide social investment A Good Economy for Business EQUALS A Good Economy for Society