Ulster Unionist Party economy spokesperson, Danny Kinahan MLA, has said the latest economic figures contained in the Northern Ireland Labour Market Survey are mixed, but has welcomed the renewed commitment from the Chancellor of the Exchequer to devolving Corporation Tax in the Budget.

 Mr Kinahan said:

 “The latest employment statistics, rather like the proverbial curate’s egg, are good in parts.  In the March Labour Force Survey the Northern Ireland unemployment rate is estimated at 6%, which is 0.3% above the UK average.  This is well below the latest rate in the Republic of Ireland which is 10.5%, and the European Union average which is 9.9%. 

 “Nevertheless, several economic indicators remain stubbornly poor, particularly youth unemployment and economic inactivity.  Since the previous figures released in January, and now, the unemployment rate for 18 to 24 year olds has risen from 19.2% to 19.5%.  In contrast the UK average for youth unemployment has fallen from 15.4% to 14%.

 “Similarly the 27.8% of working age people in Northern Ireland defined as ‘economically inactive’ is the highest of all UK regions.  This has been the case for a very long time, and worryingly, there is no downward trend whatsoever.

 “In this context, moves to reinvigorate and rebalance the Northern Ireland economy must not be stymied by Sinn Fein posturing over welfare reform. I welcome the fact that in his Budget statement, the Chancellor of the Exchequer repeated the Government’s commitment to devolving the power to vary Corporation tax to Northern Ireland.  The caveat being that the current impasse over the Welfare Bill at Stormont has to be resolved.

 “If we want to do something practical to help the most vulnerable in society, playing political games over welfare is not the way to do it.  Making Northern Ireland the most business friendly part of the British Isles and creating jobs is the way to go.  Cutting Corporation tax is a key part of that.”