Dodds Emphasises Need To Deliver Through Downturn

Northern Finance Minister, Nigel Dodds, has stressed the Executive's commitment to deliver the plans and priorities which it set in the Budget a little over a year ago.

Mr Dodds, who was speaking to an audience of local businessmen at a Senior Executives' dinner organised by the CBI, said: "The Budget was devised with the context of Growing a Dynamic Innovative Economy being at the heart of the Executive's priorities.

"In today's climate of financial turmoil and economic uncertainty it is more important than ever that the Executive remain focussed on delivering the goals and commitments which underpin that Budget.

"I am determined that we do everything we can to drive forward the local economy.

"The current downturn has made it even more crucial that we focus our resources on the strategically important policy areas.

"Although there are significant challenges facing Northern Ireland, the Executive recognises the critical importance of continuing to provide support to local firms and families.

"The 2008-11 Budget put in place a strong foundation of support for families and business in Northern Ireland including the cash terms freeze in domestic rates, free public transport for the elderly and record levels of investment in our public services."

The Minister highlighted the work the Executive is doing in partnership with the local construction industry, many of whom are small and medium sized enterprises, to ensure that the delivery of the £20 billion funding for capital projects over the next ten years also benefits the wider local economy through added value activities.

The Minister highlighted further measures which the Executive has put in place over the last six months to support local businesses and families, including:

• deferring water charges for a further year;
• extending the freeze in domestic regional rate to non-domestic rates for 2009-10, with plans for a small business rate relief scheme going forward;
• the introduction of a £150 Fuel Credit payment for 100,000 households on income support and pension credit; and,
• £20 million for the Farm Nutrient Management Scheme as well as £6.5 million for Schools and Roads maintenance and £1.8 million for public transport capital works.

Minister Dodds concluded by giving his assessment of our prospects for the future.

He said: "While there are difficulties, and there will be more difficulties to come, the Northern Ireland Executive is focusing not just on reacting to the short term problems but we are also attempting to ensure that Northern Ireland will be in a competitive position once the recovery begins.

"The tough economic challenges ahead provide great impetus for improving our efficiency and effectiveness which can only benefit both the public and private sector in the longer term.

"I am confident that we will rise to the challenges ahead and emerge stronger from the current downturn."