7 May 2025

SDLP Leader of the Opposition Matthew O’Toole MLA has said the Finance Minister cannot shirk his responsibility to support businesses.

He was speaking after John O’Dowd confirmed his much-vaunted cost of doing business review was not going to lead to any clear Executive response other than forwarding it to the UK Government.

South Belfast MLA Mr O’Toole said:

“When the Minister appeared before committee today, I challenged him on the steps he and his department are taking to support businesses following the findings of his report. The Minister made much of this study but it’s clear there will be no action from the Executive other than forwarding this document to the Treasury. This is preposterous given the heavy press and expectations created by this study.

“We are all aware of the huge pressures facing businesses across Northern Ireland. From the recent rise in employers’ national insurance contributions to increasing rent, rates and bills many business owners are contemplating a difficult future, while others have already made the decision to close their doors, leaving staff out of a job.

“The UK Government does need to do more to support this place financially – we all agree on that. However, it is galling to see the same excuses trotted out time after time for Executive inaction. The Minister refuses to act to support businesses, the same way he won’t look at fiscal devolution or funding and reforming Northern Ireland Water – with disastrous consequences for the public.

“While the Minister stands still more businesses will go bust as the number of people unemployed grows. Our water quality will continue to decline as key infrastructure projects stall. Nobody expects the Executive to solve all of these problems alone, but at the very least they should be exploring options for supporting businesses instead of hiding behind the same old excuses.”