NI economy ‘on edge of precipice’ - MLA

The Foyle MLA has urged the Department for the Economy and the UK government to speed-up urgently needed financial support, which has been promised but not yet received.

Ms McLaughlin said: “Many businesses are telling me that they don’t have enough money to get through the next few weeks.

“We are facing the most severe economic crisis of modern times, with manufacturing, retail, hospitality and other services enterprises on the verge of collapse. And yet we are still hearing from some service sector businesses that fear they are not being covered by any of the support mechanisms.”

Ms. McLaughlin said that there was a need for action to be taken as a matter of urgency. “These are exceptional times and they need exceptional responses. We need to take stock. Many of the schemes are excellent, but they are just not being delivered fast enough, while the scope of some schemes needs to be expanded. Self-employed individuals are having to wait until June for their assistance to come through, putting many into severe distress,” she said, adding:

“We know that banks are nowhere near meeting the demand from their customers – either businesses or personal. Banks simply do not have the capacity to do everything that needs to be done. The UK government needs to adjust the rules, provide more finance directly to businesses and the Northern Ireland Executive needs to demand that this is done.”