Long-term planning critical as staffing pressures continue - Michael Branniff, Business Services Partner at Baker Tilly Mooney Moore

As first appeared in The Irish News, Tuesday 18 April 2023

Michael Branniff, Business Services Partner at Baker Tilly Mooney Moore

After entering 2023 with a depressing economic outlook, the markets remain unsteady as we make our way through spring. Inflation is not on the downturn yet, overheads remain high for businesses right across the board, and the low supply of labour is a pressing concern.

Despite this, there is some optimism that the long-term economic outlook is brighter, which is welcome following a particularly precarious winter. While it would be foolish to predict too far in advance, it appears that energy costs have hit their peak and consumer confidence is on the up.

Businesses now need to find a balance between reacting to immediate challenges while also planning for the future. The cost-of-living crisis, war in Europe, Covid-19 support package repayments and a severe squeeze on household incomes and corporate balance sheets have not left us and should be built into budgets and forecasts for the years ahead.

Getting your staffing right is one of the best ways to plan ahead, yet staffing is the exact challenge that businesses right across Northern Ireland are facing. Be it hospitality, construction, engineering, or professional services, we are seeing massive constraints on talent and supply, and the attraction and retention of staff has become a major issue for the businesses we work with.

The competitive labour market is inflating salaries, and this wage war is beginning to harm some companies. Staff shortages are holding companies back from taking on more work and ultimately developing and expanding. Those businesses predominantly paying staff at the National Minimum and Living Wage levels are also preparing for the significant scheduled uplift in costs this month.

Looking ahead with this in mind, local business owners and managers are best placed to keep a steady head and invest time in making detailed projections. The positive outlook that is beginning to emerge will hopefully bring with it a boost in consumer confidence, but in the meantime, the basic principles of cashflow management and responsible accounting remain.

Preparing projections for two to three years in advance may seem unrealistic given that the direction of travel could change tomorrow, but it is an important exercise for two main reasons.

Firstly, accurate and long-term planning allows you to stave off any issues well in advance. We know that energy prices will remain relatively high compared to previous years next winter, therefore budgeting for what your business will experience in the next one, two, to three years will help you make better decisions.

Secondly, live accounts and projections will stand you in good stead if you do require additional support. Given the jumps in interest rates in the last six months, having a trail of complete accounts and projections will make it easier when in discussions with lenders.

Ultimately, it is when armed with reliable, up to date information that business owners make the best decisions. There is merit in experimenting with different long-term financial models and there is a wealth of bespoke advice and guidance out there for every sector should you require it.

Local Government Election Briefing Series 2023: Belfast City Council

KEY POINTS 

  • Diverse with outgoing councillors spread across eight parties. 

  • The only council currently without an overall unionist or nationalist majority.

  • 17 of the outgoing councillors – just shy of a third – do not designate as unionist or nationalist. 

ABOUT THE COUNCIL AREA

Back in 2014, the reform of local government saw Belfast City Council expand to include a fifth of the old Lisburn City Council and two fifths of Castlereagh District Council. Despite jumping from 51 to 60 seats, the council still has the highest population per councillor (5,750), almost double the lowest (Fermanagh and Omagh).

Demographically, Belfast is a young city with the highest proportion of 16-39s and lowest proportion of over 40-64s and over 65s across the 11 council areas. 

PREVIOUS ELECTIONS

  • Sinn Féin won a plurality of first preferences in 2014 and 2019. 

  • The Greens achieved their best ever result in the city in 2019 with 6% of first preference votes bringing home four councillors. People Before Profit tripled their vote and their representation on council (5.2% share, three elected). 

  • SDLP fell below 10% of the vote for the first time in 2019.

  • The UUP dropped down from seven to just two councillors in 2019, elected with a vote share only marginally above the Greens. 

SINCE 2019

  • Carole Howard (formerly Alliance) and John Kyle (formerly PUP, then independent) both joined the Ulster Unionists. 

  • Kate Nicholl, Nuala McCallister and Peter McReynolds were elected as MLAs with new councillors co-opted into their seats. Sian Mulholland moved to Lisburn and Castlereagh City Council before becoming a North Antrim MLA.

  • John Finucane was elected MP for North Belfast in December 2019. 

  • Danny Baker was elected to the Assembly in May 2022. 

  • Since the end of March, Paul McCusker (originally SDLP) now sits as an independent. 

COMMENTARY

Belfast City Council has been home to some of the biggest personalities in Northern Ireland politics. Naomi Long, John Finucane, Gavin Robinson, Claire Hanna and Reg Empey have all served their time on council in the past. It’s one of the most politically diverse local authorities in Northern Ireland, with representatives drawn from eight parties. Neither unionist nor nationalist blocs command a majority in the council chamber, the only council in Northern Ireland where this is the case.

Sinn Féin are currently the largest party on the council with 18 councillors, with the DUP as the second largest on 15 councillors and the Alliance Party are third with nine councillors. The SDLP are fourth largest with five councillors, while the UUP & the Greens are tied on four each with People Before Profit on three. The Progressive Unionist Party now has just one seat. There is one independent. 

Belfast has a lot of competitive seats up for grabs across the city. For Sinn Féin, they will be hopeful for success in DEAs such as Castle, Titanic and Collin. The DUP will be aiming to secure a second Unionist seat in Oldpark. Alliance will be aiming to gain in Balmoral, Lisnasharragh and Oldpark. 

The other parties will mostly be aiming to defend their ground. The SDLP will hope to hold Lisnasharragh and Castle where they are sitting on the last seats. Collin will also be a tough battle for them with serving councillor Brian Heading standing down. Meanwhile, the SDLP will be targeting a potential gain in Black Mountain which they narrowly lost in 2019. People Before Profit will want to cement gains made in 2019 in Collin and Oldpark (where Fiona Ferguson was back in ninth place in terms of first preferences with just 0.7 of a quota). Similarly, the Greens will be hopeful of holding gains in places like Castle, where party leader Mal O’Hara is seeking a second term. For the UUP, they will be aiming to see recent defector from Alliance, Carole Howard, elected in Ormiston alongside Jim Rogers.

Belfast Insolvency Practitioner warns of weakened business safeguards as NI courts reopen to creditor winding up petitions

Darren Bowman, Restructuring & Insolvency Partner at Baker Tilly Mooney Moore.

The reopening of the Bankruptcy and Companies Master’s Court to creditor winding up petitions will prompt the pursual of a significant number of struggling businesses in Northern Ireland, a Belfast Insolvency Practitioner has warned.

Guidance from the Bankruptcy and Companies Master released last month confirmed that creditors can present winding up petitions to the High Court from 17 April 2023, providing certain administrative criteria are met.

It follows the introduction of the Insolvency (Amendment) Rules (Northern Ireland) 2023 on 13 March 2023 that effectively ended the three-year restriction on creditor winding up petitions.

From 17 April, new winding up petitions may be presented by any creditor owed more than £750 by a company, provided certain criteria are met including that the petition is grounded on a formal demand made on or after 13 March 2023 that originated from a court judgement, decree, or other similar court order.

Insolvency Practitioner Darren Bowman, a Partner at Belfast accountancy and advisory practice Baker Tilly Mooney Moore said the movement will bring about an increase in the number of winding up petitions, both relating to ‘zombie’ companies as well as many other businesses facing a period of financial distress.

As the creditor petition process returns to normal, he adds that business owners will be best placed to examine the flow of cash within their business, investigate their liabilities and seek expert advice if they are struggling. 

Darren Bowman, Restructuring & Insolvency Partner at Baker Tilly Mooney Moore said:

“The reopening of the High Court to creditors’ winding up petitions is an expected development that represents another step towards normal insolvency practices following the disruption of Covid-19. What businesses need to know now is that as creditors reclaim the mechanism of winding up petitions, there are fewer safeguards and protections in place before the initiation of formal insolvency proceedings.”

“That said, many rescue and recovery options are available including Company Voluntary Arrangements, which are a credible and formal way to getting a business back on track while repaying creditors. In Northern Ireland, there is a wealth of locally accessible advice on debt and insolvency issues and many mechanisms to restore business value and viability exist and should be explored fully. With the insolvency court now open to creditors winding up petitions, businesses should assess their liabilities and seek urgent, expert advice if under financial stress.”

Taoiseach Leo Varadkar, Special Envoy to NI for Economic Affairs, Joe Kennedy III and Head of NI Civil Service, Jayne Brady launch Washington Ireland Program Class of 2023

Taoiseach Leo Varadkar along with the US Special Envoy to Northern Ireland for Economic Affairs, Joe Kennedy III and Jayne Brady, Head of the Northern Ireland Civil Service launched the Washington Ireland Program Class of 2023 at a special event in Washington DC on 16 March.

The new class will see 30 high potential emerging leaders from across Northern Ireland and Ireland venture state-side this summer as part of the prestigious transatlantic program.

For almost three decades, the Washington Ireland Program (WIP) has played an important role in post-conflict Northern Ireland and Ireland by bringing together leaders from a wide range of communities and backgrounds for outstanding leadership and skills-development programs. WIP’s aim is to support, inspire and develop leaders who are committed to building a future of peace and prosperity for Northern Ireland and Ireland.

The WIP Class of 2023 have already demonstrated their leadership potential, have a strong track record of service, and are committed to building a bright future for the island of Ireland. A third of the students come from economicallydisadvantaged backgrounds and will receive full scholarships to participate.

WIP now counts over 800 Alums who have consistently delivered on their early promise. They include Leo Varadkar (WIP 2000), the youngest Taoiseach in Ireland’s history; Claire Sugden (WIP 2010), who was appointed at the age of 29 as Northern Ireland’s Minister for Justice; and other rising stars like artist Adrian Margey, Queen’s University Belfast Heaney Fellow, Tara McEvoy and tech entrepreneur Aidan Corbett.

Previous students have had work placements in the offices of then Senators Barack Obama, John McCain and Hillary Clinton. Prior to his arrival at the White House, the Program has been applauded by President Joe Biden in 2016 as an example of the “special” relationship between Ireland and America.

Notable Program alums also include 6 Stormont representatives including David Brooks MLA, Matthew O’Toole MLA, and the outgoing Patricia O’Lynn MLA who took part in a panel discussion at the launch event sponsored by Honeywell.

Taoiseach Leo Varadkar TD said at the launch:

“The Washington Ireland Program was a very formative experience for me. It has grown substantially since I participated in 2000, but the steadfast values of leadership and service have remained. The lessons young people learn and the experiences they gain, give them the tools they need to make a positive change in society.” 

“I’ve had the pleasure of seeing participants take elected office, gain positions of responsibility, lead successful businesses, and advocate for those without a voice.”

“WIP is making a real difference, and I am proud to announce the incoming Class of emerging leaders.”

Joe Kennedy III, US Special Envoy to Northern Ireland for Economic Affairs added:

“The Washington Ireland Program is an integral part of the special relationship between the United States, Northern Ireland and Ireland. The United States is dedicated to Ireland’s growth, prosperity and peace. As we approach 25 years of the signing of the Belfast/Good Friday Agreement, The Washington Ireland Program ensures that we have the leaders who are ready to shape the next 25 years of the relationship between the US and the island of Ireland.”

“The leadership skills these young people will learn is vital to unlock the potential of Northern Ireland and Ireland. What we need now, more than ever, is young people who embody the program’s values of humility, respect, service and co-operation.”

Jayne Brady, Head of the Northern Ireland Civil Service said:

“We look to the younger generations to bring fresh perspectives on the issues we face. The Washington Ireland Program, supported by the Northern Ireland Bureau, gives our emerging leaders the skills they need to prepare them to take on the big challenges that lie ahead.”

“Peace has brought prosperity and economic development to Northern Ireland that 25 years ago was largely unthinkable. It is these young people who will devise the plans for another 25 years to make Northern Ireland a great place to invest, work, and live.”

Nicola Skelly, Executive Director of the Washington Ireland Program said:

“We are thrilled to launch the WIP Class of 2023 today in Washington DC with our special guests. Over the year ahead, these emerging leaders will develop their leadership skills through personal development, policy debate, work placement opportunities and service. They will have unparalleled access to global leaders through our Speaker Series and will be challenged to develop ambitious ideas to shape the future of the island of Ireland.”

“The relationships these young people will build with each other, and the broader WIP community will be formative in their lives, and we are proud to be part of their leadership journey.”

Brown O’Connor Communications Weekly Look Ahead – Ireland Wednesday 29 March 2023

  • The Government has won the confidence motion with 86 votes continuing to support the coalition.

  • The Land Development Agency has identified State-owned properties and landbanks that could be used to build more than 60,000 homes.

  • The Irish Planning Institute has said the proposed reform to the planning system is unworkable. 

  • Fine Gael MEP Sean Kelly has called for a special EU envoy for Northern Ireland.

  • New OECD rules which come into effect next year are set to decrease Ireland’s corporate tax base.

  • Finance Minister Michael McGrath TD is seeking Cabinet approval for Ireland to apply to become the base for the new EU Anti-Money Laundering Authority.

  • Public Expenditure Minister Paschal Donohoe TD is seeking to change spending rules to reduce bureaucracy for large public infrastructure projects through the National Development Plan.

  • The Irish Human Rights commission have called for an inquiry into the mistreatment of those in residential home during COVID-19.

  • The ESRI is forecasting improved growth of 3.8% throughout 2023 and 3.9% growth in 2024.

  • The Cabinet has approved draft legislation that would significantly reform Ireland’s defamation laws.

  • Today, The Criminal Justice (Miscellaneous Provisions) Bill 2022 will have its final stages and report published in the Dáil.

 

Other Stories this week

  • The value of goods bought using contactless payments increased by a third last year.

  • The total value of Irish pensions fell by almost 16% last year.

  • Rural and Community Development Minister Heather Humphrey’s TD has allocated Є13 million to a town renewal scheme.

  • Yesterday, the Joint Committee on the Implementation of the Good Friday Agreement launched their report Lessons from the Architects of the Good Friday Agreement.

  • Government representatives have met with insurance sector leaders to discuss the right to be forgotten.

 

Upcoming key political and business events

  • 30 March, IBEC Business Leaders’ Summit 2023, K Club Kildare.

  • 30 March, CIO & IT Leaders Award 2023, The Shelbourne Hotel, Dublin.

  • 3 April, IBEC Employment Law Conference, Dublin Royal Convention Centre

  • 6 April, Chartered Accountants Ireland Audit Conference 2023, Virtual.

  • 23 May, Research and Innovation Ireland Conference, RDS Dublin.

 

Consultations

Allstate NI is the first company in UK & Ireland to earn Gold Diversity Mark

Dr. Stephen McKeown, Vice President and Managing Director of Allstate NI; Lesley Miller, Senior Manager at Allstate NI; Nuala Murphy, Director at Diversity Mark and Susan Walker, IDE Manager at Allstate NI.

Allstate NI has been awarded the Gold Diversity Mark, making it the first company in the UK & Ireland to earn this top distinction for an inclusive and diverse workplace.

The independent assessment panel of Diversity Mark commended Allstate NI as a “leader and exemplar”.

In 2020, Allstate NI became the first local employer to receive the Silver Diversity Mark. Now, a review of its progress against the Gold accreditation criteria found it continues to move towards lasting change on gender diversity, age diversity, LGBTQ+ representation and inclusion, and age and racial equality, representing its commitment to creating an environment where all employees can feel at home. Allstate NI’s key achievements in these areas include:

  • 10% growth in female leadership in the last four years, with initiatives to attract and retain women.

  • Equal opportunity for progression and mobility regardless of age, with employees ranging from ages 18 to 70. Commitment to the 5 Actions to be an Age-Friendly Employer standard, to protect and support its multigenerational workforce.

  • Defined metrics to track LGBTQ+ diversity as measured against the Stonewall 2021 Workplace Equality Index. In February 2022, Allstate NI achieved a Gold Stonewall award for commitment to inclusion of lesbian, gay, bi, trans and queer people.

  • On disability inclusion, it implemented physical services like ergonomic assessments for specialist equipment and practices to encourage employees to self-identify as living with a disability. It is establishing a disability Employee Impact Group to complement existing groups, which include Mental Health First Aid and the AuSome group, for companywide awareness of autism.

  • Allstate NI was recognised for supporting racial equality and equality of opportunity, experience and pay, by tracking its ethnicity data, creating an ethnicity support group, and reviewing all policies and processes for equity.

Diversity Mark was established in 2016 and assesses company commitment to diversity and inclusion across Northern Ireland, the Republic of Ireland, and the UK. All registered organisations join at the bronze level and earn higher recognition based on their inclusive diversity achievements.

Vice President & Managing Director at Allstate NI Dr Stephen McKeown said:

“This award is a testament to the hard work of our teams. It’s the employee-led initiatives that make Allstate NI an inclusive workplace for all.”

Director at Diversity Mark Nuala Murphy said:

“We are delighted to have awarded the first Gold Diversity Mark to Allstate NI. A huge congratulations to the team for their continued investment in developing a truly diverse and inclusive workforce. As one of our largest employers here in Northern Ireland, they are without doubt a leader and exemplar and we are continually impressed by Allstate NI’s commitment to encouraging high standards right across the wider business community of the UK & Ireland.”

Dr. Stephen McKeown, Vice President and Managing Director of Allstate NI pictured with Nuala Murphy, Director at Diversity Mark.

Brown O’Connor Communications Weekly Look Ahead – Ireland Wednesday 22 March 2023

  • The Government is on course to win a Dáil vote on ending the no-fault eviction ban after reaching an agreement with members of the Regional Independent Group.

  • An Taoiseach Leo Varadkar has announced that the Cabinet’s proposed measures to deal with the housing crisis will include a tax package for small landlords.

  • Public Expenditure Minister Paschal Donohoe TD has called for the introduction of the digital euro to boost the EU single market.

  • Children and Equality Minister Roderic O’Gorman TD will oversee the implementation of new EU legislation that requires companies to publish salary ranges in job adverts.

  • Green Party Leader Eamon Ryan TD is seeking Cabinet support for legislation on a windfall tax on energy companies to come into effect this summer.

  • The Labour Party will bring forward a motion of no confidence in the Dáil next week if the government does not adopt the party’s proposal of extending the eviction ban until homeless numbers fall for four consecutive months.

  • Further and Higher Education Minister Simon Harris TD announced a €1 million fund to increase adult literacy.

  • The Department for Community, Development, Integration and Charities has published the National Action Plan Against Racism 2023-2027.

  • Calls have been made for Dublin Airport Chiefs to come before the Oireachtas Transport Committee following claims by a whistle blower that security screening leaves the airport open to a risk of a terror attacks.

  • Dublin Port has launched a public consultation on the third part of its masterplan project, which includes a new bridge over the River Liffey. The consultation can be found here: LINK.

  • Today, the Committee on European Union Affairs will meet to discuss Engagement on EU Strategic Autonomy, including its implications for EU cooperation on defence and security.

  • Today, the Committee on Budgetary Oversight will hear from representatives of the Economic and Social Research Institute and the Central Bank to receive a Pre-Stability Programme Update.

  • Tomorrow, the Committee of Public Accounts will receive the financial statement of Enterprise Ireland.

 

Other Stories this week

  • The annual rate of inflation has risen to 8.5% in February, compared to 7.8% in January.

  • The International Development Association Ireland has named Michael Lohan as its new Chief Executive.

  • Minister for Finance Michael McGrath TD had expressed confidence in the Irish banking sector to withstand the turbulence being experienced in the global market.

  • Support for Fianna Fail has fallen by four points, according to the latest Sunday Times/Behaviour & Attitudes Opinion poll.

  • The Bank of Ireland has been fined €750,000 by the Data Protection Commission.

 

 

Upcoming key political and business events

  • 23 March, Showcasing the Dublin to Belfast FinTech Scene, Ballymascanlon House, Dundalk.

  • 25 March, International Business Forum and Fair, Salthill Hotel, Galway.

  • 29 March, Dublin Chamber of Commerce Public Affairs Forum with Minister Simon Coveney TD.

  • 30 March, IBEC Business Leaders’ Summit 2023, K Club Kildare.

  • 30 March, CIO & IT Leaders Award 2023, The Shelbourne Hotel, Dublin.

  • 3 April, IBEC Employment Law Conference, Dublin Royal Convention Centre.

  • 6 April, Chartered Accountants Ireland Audit Conference 2023, Virtual.

  • 23 May, Research and Innovation Ireland Conference, RDS Dublin.

 

Consultations

Allstate Northern Ireland appoints Dr. Stephen McKeown as Vice President and Managing Director

Dr Stephen McKeown, Allstate NI Vice President and Managing Director.

Allstate Northern Ireland has appointed Dr. Stephen McKeown to lead its employees, technology, and operations.

As Vice President and Managing Director, Dr. McKeown will play a critical role in Allstate’s digital transformation and will be the main representative to business, government, education, and wider society in Northern Ireland.

A career technologist with over 20 years of data and analytics experience, Dr. McKeown joined Allstate in 2018 and was the first Chief Information Officer appointed outside North America. He was most recently Divisional CIO and Director of Data and Intelligent Systems at Allstate Enterprise Solutions.

Dr. McKeown led the transformation of Allstate NI’s analytics, machine learning and artificial intelligence functions. He has held positions including Director of Data Science and Real-Time Insights and Director of the AI Centre of Excellence.

As a member of the Allstate NI Executive Committee, he led the company’s review of its early careers and talent development strategy. He also led inclusive diversity initiatives that resulted in recognition by organisations including Diversity Mark NI. He is the executive sponsor for the Allstate NI Employee Impact Groups.

Dr. McKeown is a founder of Big Data Belfast, a technology conference. He is a European Commission industry expert for the €80B Horizon and Eurostars innovation programmes. He held advisory roles to the Northern Ireland Government Digital ICT Strategy Group and UK Technology Strategy Board.

He has held senior tech positions in Belfast and Dublin. He spent five years as CEO of Analytics Engines, a Belfast VC-backed advanced analytics startup. He previously worked at Accenture, the ECIT Global Research Institute and Microsoft.

Dr. McKeown has a bachelor’s degree and a doctorate from Queen’s University in Belfast.

Vice President and Managing Director of Allstate NI Dr. Stephen McKeown said:

“I am thrilled to be appointed Vice President and Managing Director of Allstate NI. Since joining the company in 2018, I have had the opportunity to ensure our digital capabilities deliver on our enterprise strategy. Allstate NI is at the forefront of that change, and I look forward to leading Allstate NI, Northern Ireland’s largest technology employer.”

President of Allstate Enterprise Solutions Suren Gupta said:

“For nearly 25 years, Allstate NI has helped drive Allstate’s strategy, growth and innovation and has become the country’s largest technology employer. Allstate NI will continue to be instrumental in Allstate’s digital transformation as we help protect customers with affordable, simple and connected products and services. With Stephen’s great track record as a business leader and technologist, he is well positioned to lead Allstate NI and bring his global leadership skills to Allstate.”

 

Brown O’Connor Communications Weekly Look Ahead – Ireland Wednesday 15 March 2023

  • Senior Coalition sources have told the Irish Examiner that a snap general election could be called shortly after October’s budget.

  • An Taoiseach Leo Varadkar TD will meet with US President Joe Biden at the White House on Friday to mark St. Patrick’s Day.

  • President Biden has confirmed he will be visiting Ireland in April with reports that he will fly into Belfast on 10 April.

  • The Irish Government may bring forward legal action against the British Government if it proceeds with the controversial Northern Ireland (Legacy and Reconciliation) Troubles Bill.

  • Tánaiste Micheál Martin is in New York and will hold meetings with various business stakeholders ahead of St. Patrick’s Day.

  • Irish Tech firms and the Department of Finance are continuing to assess the impact of the collapse of the Silicon Valley Bank on the Irish Tech industry.

  • The Central Bank has launched a three-month consultation around the implementation of The Central Bank (Individual Accountability Framework) Act 2022 which set out accountability rules for the financial sector.

  • An Taoiseach Leo Varadkar TD has reshuffled his backbench team, with many who were dropped out of Ministries or not included in previous reshuffles being promoted.

  • Public Expenditure and Reform Minister Paschal Donohoe TD has said he is assessing all planned capital projects with signals that some projects may have to await approval until after the next budget.

  • Sinn Féin will move a motion in the Dáil to extend the eviction ban until January 2024.

  • The Government is expected to collect €700m as the reduced excuse rate on petrol and diesel ends.

  • Ahead of the Deloitte Financial Crime Symposium, the firm’s Director Caroline Costello has called for greater government and private sector co-operation to end financial crime.

  • The Public Accounts Committee has heard from head of The Sustainable Energy Authority of Ireland, Declan Meally that the predicted number of electric vehicles on the road by 2025 is 175,000.

 

Other Stories this week

  • A new report from Aircraft Leasing Ireland has said Ireland could play a leading global role in the development of sustainable aviation fuel.

  • Screen Ireland have published a report stating that a skills shortage is hindering further development of the Irish film industry.

  • A study from ManpowerGroup found that Ireland is facing the worst talent shortage in 17 years with four in five employers struggling to attract talent.

  • Sinn Féin leader Mary Lou McDonald TD has met with An Taoiseach Leo Varadkar TD regarding the re-establishment of the Northern Ireland Assembly.

  • New data from Catalyst has shown that venture capital investment is at an all-time high in Ireland.

Upcoming key political and business events

  • 21 March, Engineering Summit, Sport Ireland, National Indoor Arena, Dublin.

  • 23 March, Showcasing the Dublin to Belfast FinTech Scene, Ballymascanlon House, Dundalk.

  • 25 March, International Business Forum and Fair, Salthill Hotel, Galway.

  • 30 March, IBEC Business Leaders’ Summit 2023, K Club Kildare.

  • 30 March, CIO & IT Leaders Award 2023, The Shelbourne Hotel, Dublin.

 

Consultations

Selina Horshi, President of Londonderry Chamber of Commerce reacts to Spring Financial Statement

The Londonderry Chamber of Commerce President of Selina Horshi

Reacting to the Chancellor’s Budget this afternoon, Londonderry Chamber President Selina Horshi said:

“The Chancellor’s Budget delivered today fails to consider the unique opportunity the Windsor Framework has created to attract investment to Derry~Londonderry. The confirmed rise in Corporation Tax will greatly hinder FDI attraction to Derry~Londonderry and Strabane. When potential investors look towards the North West, they will get a choice of 12.5% Corporation Tax and the now confirmed 25% here. The lack of consideration to how this planned rise in Corporation Tax will create an uneven playing field here is unsurprising.”

 

“That said, we welcome the announcement of £40 million to enhance Higher and Further Education in Northern Ireland and hope that this goes towards further development and funding for third-level institutions in the North West. The only way we can tackle the skills shortage our members continue to report is through meaningful investment in education in the North West.”

 

“Overall, the measures announced today do not negate the necessity for the swift return of the Executive and Assembly. There is no substitute for local decision making and fully functioning power sharing in Northern Ireland. We welcomed the recent Windsor Framework and commended the efforts of the EU and UK to reach an agreement. We remain optimistic that this deal will pave the way for the return of government in Northern Ireland so our MLAs can deliver for communities, households, and businesses once again.”