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CBI Northern Ireland yesterday responded to announcement on cost of doing business.

Angela McGowan, Director, CBI Northern Ireland, yesterday said:

“Given the significant cost pressures facing Northern Irish companies, the business community warmly welcomes the Minister's commitment to gathering evidence on this critical issue.

“Rising labour, energy and insurance costs - along with the need to allocate resources to the energy transition and automation - has left many firms acutely aware that they are becoming less competitive in the global marketplace. For many sectors in Northern Ireland, and across the UK, profit margins are low and that means business costs must be kept in-line with productivity levels.

“We strongly support the Minister’s commitment to employing a rigorous, evidence-based approach to policy on this issue and hope that the findings are reflected in the review of business rating supports.

“Ultimately, the only way to improve public services and raise living standards is to support firms to grow, innovate and trade. That’s why we need business and government to work together to co-create policy that protects Northern Ireland's competitiveness and avoids short-changing our long-term sustainable growth ambitions.”