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A Good Economy for Business EQUALS A Good Economy for Society

A Good Economy for Business EQUALS A Good Economy for Society. Joanne Stuart. Economic Reality. Unsustainable private sector / public sector ratio Decade of strong domestic demand fuelled by cheap credit and growing public expenditure is over

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A Good Economy for Business EQUALS A Good Economy for Society

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  1. A Good Economy for BusinessEQUALSA Good Economy for Society Joanne Stuart

  2. Economic Reality • 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 - 27.0% (UK 23.3%) • Rising unemployment and welfare costs • Insufficient job opportunities

  3. The Economic Vision • 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

  4. Why is Business Important • 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

  5. Business Friendly Environment • 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

  6. Strong Business Focused Economy • 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

  7. Delivery of Public Services • 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

  8. Social Investment • 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

  9. Profit is Good • ‘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

  10. Conclusion • 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

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