Our vision is of ... a working economy

As a regional economy coping with the impact of under investment,  the results of 30 years of conflict, high levels of economic inactivity, low levels of investment in research and development and communities marked by disadvantage and segregation, Northern Ireland faces considerable challenges to reviving our economy. 

We agree with the assertion from DETI that, in a challenging global economy, Northern Ireland cannot rely solely on its traditional advantages such as low cost base and grant assistance to private investors.  The focus of improving skills, promoting enterprise, innovation and research and development, and investing in economic infrastructure will all be vitally important. However, rebuilding the economy will take more than simply focusing on enterprise and innovation. We also need to deal with the pressing social and environmental issues that hold us back and hamper development

Leading economic expert Richard Florida asserts that there are three necessary factors for developing a vibrant and creative economy - tolerance, talent and technology. Tackling issues such as sectarianism, racism, inequalities and division, investing in the regeneration of disadvantaged communities, providing strong protection for our most vulnerable citizens, making the most of our arts, creative industries, tourism and environment and ensuring the inclusion of even the most hard to reach people are not at the of edges of economic development – they are an integral part of creating a world class economy.

Northern Ireland has the potential to draw on its strengths and become a world leader in the green economy.  However time is running out to make the most of this opportunity as other regions and countries are already leading the way. For example, South Korea allocated just over 80% of its fiscal stimulus to environmental sectors.

The Green New Deal offers realistic proposals for Northern Ireland to become an active player in the global green economy market under seven priority areas for action: housing, public and commercial buildings, scaling up renewable energy supply, sustainable mobility, sustainable industries, employment and skills, and financial innovation.

It is estimated that there are over 1,000 social enterprises in Northern Ireland and that social economy activity accounts for approximately 5% of economic activity. The social economy sector employs 6,000 people, has 5,000 volunteers and a turnover of £335m per annum.

The social entrepreneurial activity rate for Northern Ireland, at 3.3%, is the fifth highest out of twelve regions on the UK.  In terms of wealth generation, job creation and social impact, social entrepreneurial activity is a phenomenon that policy makers need to take account of. Social entrepreneurship can be a driver for regeneration, neighbourhood renewal, employment in deprived areas and social reform.

In order to realise our vision of an economy that works for everyone, politicians and political parties should:

• Ensure that proposed changes to legislation around issues such as corporation tax and the creation of an enterprise zone do not mean that business will benefit at the expense of public services and the people who rely on them. 
• Ensure that large scale regeneration projects, which subsume such a high level of public funds, are designed and implemented in a way that maximises their social and environmental impact, as well the obvious economic benefits. Government should work closely with local communities and other stakeholders to ensure these innovative and inspiring developments deliver their maximum potential.
• Support the use of social clauses and local labour clauses to ensure that disadvantaged people and communities have the opportunity to benefit from regeneration projects. Where social clauses are included in tendering and form part of a successful bid, Central Procurement Directorate (CPD)  should ensure they are treated as seriously as all other parts of the project and the contractor should be required to fully report on their implementation.
• Support the full implementation of the Green New Deal proposals to tackle the triple crunch of recession, rising energy prices and climate change and leverage resources and expertise to sustain and create thousands of jobs in the construction and renewable energy sectors.
• Recognise and support the economic, social and environmental potential of the social economy through support for a fully resourced and target driven Social Economy Enterprise Strategy.