McCrossan: Parties must end uncertainty dominating economic forecasts
Today’s forecast predicts a marginal fall on last year’s already ‘sluggish’ growth.
Mr McCrossan said:
“Uncertainty now dominates economic forecasts on these islands. That is due, in a large way, to the Brexit effect and the insecurity that has brought to investment and consumer confidence.
“But rather than using power to shield our economy from the impact of this uncertainty, parties here have actually made it worse. The lack of an Executive means that the North has no secure voice at any stage of the Brexit negotiations. And given that this is the area due to be most negatively impacted by any new trade regime, is it any wonder that investment confidence is wavering?
“I’m particularly concerned about the continued squeeze on household spending power. With wage growth largely stagnating, families will continue to feel acute pressure on their own budgets. The long-term climate of austerity that working families have been subjected to has had a severe impact. We all have to do more to protect them.
“And with growth in the manufacturing sector revised down, as well as a slowdown in overall jobs growth, many will be worried about their short term future.
“Parties must respond to the comments from the CBI, to declining growth forecasts and the only acceptable response is to come together and defend our economy.