Foster must tell us if Northern Ireland is in recession

Leslie Cree MLA, Ulster Unionist Party Spokesperson for Enterprise Trade and Investment has raised questions about Arlene Foster's handling of Northern Ireland's economy. The latest Ulster Bank Northern Ireland Quarterly Review says that there is overwhelming evidence that Northern Ireland's economy is now in recession and in a much worse position than other parts of the United Kingdom. Yet at the last Question Time for the Minister for Enterprise Trade and Investment in the Assembly (20th October), the Minister told MLAs that Northern Ireland was not in recession and that we would experience growth this year.

In a statement Mr. Cree said,

"The DUP have to start coming clean with the businesses and people of Northern Ireland. On the one hand Nigel Dodds continues to claim that there is no shortfall in the Budget and now Arlene Foster appears to have been contradicted by the latest expert analysis on the state of the economy, produced by the Ulster Bank".

"At her last Question Time the Minister told MLAs that we were not in recession and that the advice that her Department had received suggested that the economy would grow over the next year. This is in stark contradiction to Richard Ramsey, the Ulster Bank Economist, who expects the economy to show no economic growth during 2008, which compares to 0.8 per cent for UK as a whole"

"The Minister for Enterprise Trade and Investment has to clarify the situation and show that she is in touch with economic realities. Many of the Executive's targets and strategies to attract Foreign Direct Investment must be revised and we need actions to support local small and medium sized businesses who are currently struggling".
"According to the latest figures Northern Ireland will suffer more than other parts of the United Kingdom, yet the DUP and Sinn Fein have collectively disabled the Executive for 138 days".

"I note the growing frustration with this situation in the business community, exemplified by the open letter to the Executive signed by, amongst others, the CBI, the Construction Employers Federation and the Institute of Directors. Their main concern is how to reduce the severity and duration of the recession. The Business community is expecting a recession and it wants to know how the Minister for Enterprise Trade and Investment is going to deal with it".
"In light of the Ulster Bank's most recent report Arlene Foster should make a statement on the present state of the economy and the actions she is going to take".