Northern Ireland must not talk itself into recession

1.01.35pm UTC (GMT +0000) Tue 7th Oct 2008

Alliance Party Economy spokesperson Ian James Parsley

Alliance Party Economy spokesperson Ian James Parsley has warned that Northern Ireland must not talk itself into recession, ahead of an Assembly debate on investment.

The North Down Councillor stated: "There is a real risk that here in Northern Ireland we are talking ourselves into a 'crisis' when there is in fact no reason for one. Given our public sector cushion, the circumstances exist now to shift our economy from one reliant on wild speculation to one reliant on real wealth creation, and we must not miss this opportunity.

"In the last few years, we saw Northern Ireland 's housing prices artificially inflated as we talked ourselves into a property boom with no basis in real money. We now risk seeing everything artificially deflated as we talk ourselves into a recession when there is no real reason for one either. What is happening in the banking sector worldwide is cause for genuine concern, but here in Northern Ireland what we are seeing so far is primarily nothing other than a correction of land prices.

"We now have the power in our own hands in Northern Ireland . The key issues that impact on our economy and leave us at a competitive disadvantage - lack of labour mobility due to segregation, failure to invest in tackling poverty due to costs of division, and lack of sustainable transport or housing - are all now in our own hands.

"The only ideas coming forward in the Assembly on these key issues designed to promote and spread prosperity across Northern Ireland are coming from the Alliance Party. We have delivered on putting integrated education on the agenda; we have pushed ideas for tackling poverty such as charitable trust to share benefits and tackle fuel poverty; and we have unashamedly promoted the new rural planning guidance and independent environmental protection.

"These are clear and coherent policies designed to move us away from the threat of recession and shield our people from the global downturn. The Executive cannot respond because it cannot even meet!

"The lesson in Northern Ireland from the current downturn is that we must not talk ourselves into a recession and we need devolution to deliver political leadership at times like this - but also that the politics of sectarian stand-off have failed once and for all."

ENDS