Steve Aiken OBE MLA, the Ulster Unionist Party’s economy spokesperson, has said it is time for fresh thinking on the economy at Stormont in light of the UK Referendum decision to leave the European Union.

Steve Aiken MLA said:

“The referendum has occurred, the people have spoken, and the UK is leaving the European Union.  Those are the facts and there is no point at this stage in re running the referendum campaign. What is essential now, is that Stormont responds swiftly to this radically changed economic environment.

“We have already heard from many business leaders that there will be a slowdown in the flow of Foreign Direct Investment projects until confidence in the UK is restored.   We also know, that when the UK economy slows down, our economy in Northern Ireland stalls or goes into recession.  We hope we are wrong, but hope is no basis for planning or helping to secure and retain jobs and to restoring confidence.  

“As a constructive Opposition, we are calling upon the Northern Ireland Executive to urgently enact discussions and legislate to help recover confidence for our business sector, especially for our manufacturing sectors, agri-business, tourism, retail, and above all, our many small and medium enterprises.  However more than that, we are putting forward positive suggestions on how the Northern Ireland economy should be stimulated in this new age of uncertainty.

“The Executive must hold urgent talks with Whitehall to access some of the Bank of England’s quantitative easing for an emergency, structural Northern Ireland support fund for economic protection and stimulus.  On the Corporation Tax issue, the date and rate for reduction to 12.5% or lower should be brought forward and implemented as a matter of urgency.

“Infrastructure developments such as the A6, York Street Interchange, the electricity grid, superfast broadband, dualling roads to the International Airport, amongst others must be fast tracked. On tourism, in the context of the weakness of the pound, now is the time to push for a cut in VAT for tourist services and the abolition of Air Passenger Duty.  All these ideas and more must be pursued and updated strategies for economic development, particularly for manufacturing must be produced to reflect the oncoming reality of Brexit.”