CBI Director-General Believes Dual Market Access Gives NI Companies Reason For Optimism

The director-general of the Confederation of British Industry (CBI), Rain Newton-Smith, has spoken of a new optimism among companies in Northern Ireland, as they see that the country is in a unique position, with dual access to both the EU and UK markets. However she knows that it will not be plain sailing and there will be many hurdles that will have to be overcome.

Feels Like There’s A More Optimistic Start To The Year

Here is what Rain Newton-Smith said, when she spoke ahead of the CBI’s annual lunch at the Titanic Belfast, and which was copied from an article in the Belfast Telegraph, written by John Mulgrew. She said that:

“I think it definitely feels like there’s a more optimistic start to the year, from some of the businesses I’ve spoken to here,” she said.

“The dual access gives Northern Ireland a real capability.

“But are there challenges? Absolutely. We need to see more investment here. It’s common to other parts of the UK, but we need better investment in infrastructure, for example.”

There Are Some Barriers That Businesses Will Have To Get Used To

And she went on to talk about some of the trading challenges that Brexit has thrown up for NI companies:

 “With the EU there are some barriers that businesses have to get used to.

“I think most of our members and our businesses often operate across different parts of the UK and I think they do certainly see the value of having access to the market in Northern Ireland.”

On interest rates, Ms Newton-Smith said signs are pointing towards a softening and shift, with no members of the Monetary Policy Committee voting for a rise during the last Bank of England decision to keep the base rate at 5.25%.

“So it means that, certainly, the next move will be down rather than up, and getting the timing of when rates are reduced to zero is a really difficult one,” she said.

And in terms of what she believes a newly restored Executive should focus on, she said: “I think that it’s a few things. One, just making sure we have a think about the overall landscape for investment and really set out the pitch for Northern Ireland…

“It’s absolutely thinking about skills and investing in young people… and thinking about infrastructure and getting on with decisions.”

Maybe the CBI and the country as a whole can begin a bright new chapter together and look to the future with renewed optimism.