North and South should collaborate on deficit-cutting - IoD

Joanne Stuart was speaking to 250 guests at the annual North-South Dinner in Belfast City Hall, which brings together IoD members from both parts of Ireland.

Referring to the outcome of the recent UK general election, Stuart said: “One thing that is clear is the need for a credible and urgent deficit-reduction plan, something that IoD members from the South are only too well accustomed to.  IoD strongly supports the commitment to a significantly accelerated reduction in the deficit, and we believe it needs to be tackled sooner rather than later.

“We also support the intention that the ‘main burden’ of deficit reduction will be borne by spending cuts rather than tax increases. Northern Ireland cannot escape its share of the national responsibility for reducing the deficit - and nor should it.  Our politicians face hard decisions around public expenditure, and we hope to work with them to explore innovative ways of cutting costs, raising revenue and re-balancing the economy.”

Stuart said however that one aspect that was missing from the debate over deficit-reduction in Northern Ireland was how the North could leverage its relationship with the South.

“We are very aware of the challenges that the Republic is facing – and is dealing with - and we have a unique opportunity to explore how we could work better on an all-island basis,” she said.

“While recognising that North and South remain independent jurisdictions, we believe the potential for even greater synergies exists across a range of areas including transport, health, energy, tourism and economic development.”

Ann Riordan, President of the IoD in Ireland, echoed Stuart’s desire for closer working on an all-island basis: “Co-operation between North and South will be a key factor in strengthening our economies. By sharing the knowledge and expertise of our business leaders and leveraging the wealth of talent that exists on both sides of the border, we can develop strong and cohesive business networks, offering real and sustainable benefits to both economies.”