Last week, Colum Eastwood made the argument for the Department for Communities to provide a support package for the businesses on Foyle Street who have been affected by the essential works being carried out on the street. Such works often bring short-term pain for long-term gain, but the fact is that short-term pain can be too much for some businesses to handle, and so it is only right that they be supported through the process.

There are other crises not of their own making coming down the track for all businesses in the North West. Chief among these are the upcoming increases to wage rates and Employer National Insurance contributions. These decisions, coupled with the introduction of the ETA scheme will have a negative impact on local jobs, the viability of small businesses, and restrict the growth of our economy.

The increased costs and potential decrease in revenue the ETA scheme may cause will be difficult to manage, especially for hospitality and tourism related businesses where the existing VAT disparity already presents its own significant challenge.

We have extensive plans in place that, once delivered, will create an enhanced North West, from the City Deal to the Ulster University expansion, but to maximise the effect, we will need economic conditions to foster confidence in private sector investment and growth to match the public realm investment. This will prove challenging if the current operating circumstances persist.

Andrew Fleming, President, Derry Chamber.

We know that the Chancellor of the Exchequer announced a 40% rates relief scheme for independent retailers and other high street businesses in England in her Budget. Chamber, alongside many other business organisations, support the proposal that the Executive use the Barnett consequential funding created by this decision to offer similar support.

The backbone of the North West economy, and that of Northern Ireland at large, has always been our SMEs. With the global situation currently making it clear that we should be placing greater importance on domestic production and growth, we now have conditions that run counter to stimulating such growth. This must be addressed if we are to realise the North West we all want to see.

Supports needed if North West of the future is to be delivered

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