Ulster Unionist Finance spokesperson, Philip Smith MLA, has questioned whether the revision of the growth forecast from the Bank of England raises the prospect of Northern Ireland economic growth flat-lining.
Philip Smith MLA said:
“It is welcome to see the Bank of England moving to introduce a range of measures to act as a stimulus for the economy, including a cut in interest rates.
“However I am concerned to see the revised reduction in growth rate. There is a big question over what this will mean for future growth in Northern Ireland.
“We need to know what the implications are for us over the next year on the basis of this forecast. On recent trends this would mean that, with Northern Ireland not matching recent growth in the rest of the UK, you would suspect our growth could disappear altogether.
“The Executive must clarify what their forecast is in the context of this statement from the Bank of England. Do they concur that we have a potential to flat-line? And, if yes, what measures do they intend to introduce to stimulate the local economy?”