Caoimhe Archibald
East Londonderry · Sinn Féin · Northern Ireland
“Taken together, that points to a scheme that is operating effectively in its early stages, while, of course, remaining under review as further evidence becomes available. <BR /> <BR />I therefore commend to the Assembly the Statutory Parental Bereavement Pay (Employment and Earnings) (Amendment) Regulations (Northern Ireland) 2026.”
“I seek the Assembly's approval for the Statutory Parental Bereavement Pay (Employment and Earnings) (Amendment) Regulations (Northern Ireland) 2026. The statutory rule was made on 1 April and came into operation on 6 April. It is before the Assembly today under the confirmatory procedure.”
“The 2026 regulatory impact assessment estimates one-off employer familiarisation costs of up to £1·36 million, with wider HMRC implementation costs forecast at £1·5 million and annual systems maintenance costs of around £10,000. It may assist Members to note that early implementation has gone smoothly.”
“The amendment ensures the continued operation of those regulations and forms part of a wider package of legislative measures establishing statutory parental bereavement pay as an entitlement for bereaved parents.”
“The regulations before the Assembly today are a key part of that implementation and ensure the continued operation of the statutory parental bereavement pay framework. The policy objective is clear: to support bereaved working parents at a time of profound loss and provide a minimum standard of protection in law.”
“<BR /> <BR />The confirmatory procedure means that the regulations before the House today have come into operation before the Assembly debate has taken place and must then be approved by the Assembly within the relevant statutory period. In this case, the deadline for approval is 20 September 2026.”
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“I thank the Minister for his statement and welcome the ambition around the green growth strategy and partnership working. You have outlined strands of work that fall across sectors. It not be any surprise to the Minister to hear me say that climate legislation with binding sectoral targets would provide a framework for our strategies and programmes. I urge him to expedite that. <BR />On the current work, will the Minister work with the Economy Minister to ensure that the green growth strategy fits in with the economic recovery plan?”
“We must support those who choose to continue with a pregnancy with a diagnosis of foetal abnormality and put in place adequate perinatal healthcare services. We must not, however, stigmatise any individual who makes the difficult decision to terminate a pregnancy. Whatever one's personal view on the issue, we, as legislators, have a duty to ensure that there is provision of modern healthcare for all citizens, including local access to abortion services.”
“We should not conflate issues in what is already an emotive debate for many people. I doubt that anyone here does not agree that we must support and campaign for the rights of persons with disabilities and for proper access to support and services for all those with additional needs.”
“The fact that Westminster had to legislate is regrettable, but it was necessary because of the failure of the DUP and others to uphold human rights obligations. My preference and that of my party would have been for the Assembly to legislate for those who we represent. However, we now have the legislative framework that entitles women to access abortion services, and the Health Minister should implement the regulations and commission the services as a matter of urgency. I commend all of those who campaigned for many years to bring about the change and those who continue to campaign for the right of women to access modern and compassionate healthcare.”
“The motion tabled by the DUP is a transparent attempt to undermine the progress made to date and deny women reproductive rights. The legislative framework on abortion in the North prior to last October failed women. Based on archaic legislation from 1861, it criminalised those accessing abortion and forced people to travel for healthcare or access medication online with the fear of prosecution if anything went wrong. It disproportionately impacted on those from poorer socio-economic backgrounds and caused additional stress and trauma to so many people. <BR /> <BR />Like many others, I campaigned for the repeal of the eighth amendment and for the long overdue change in the law in the North.”
“<BR /> <BR />I will make some very brief comments in my capacity as Sinn Féin's economy spokesperson. The impact of COVID-19 on businesses, which has been outlined many times, is huge and very varied in how they operate; therefore; the LCM is welcome. Obviously, we always prefer that devolved matters are dealt with by the Assembly, but as has been said regularly in these times, we are facing unprecedented circumstances, and the ability to make further changes remains devolved. Individuals will also face difficult financial circumstances, and I therefore ask the Minister whether any measures are required on insolvency in that regard.”
“ENI believes that not time limiting the Secretary of State for business having that power could generate unintended consequences in the future at a time beyond the present crisis. <BR /> <BR />On the basis of the very limited time that was available to the Committee to scrutinise the LCM and bearing in mind the Minister's view that it is necessary for the legislation to be undertaken by the Secretary of State for Business, Energy and Industrial Strategy to ensure that local businesses are protected to the same degree as those in Britain and to do so through the Assembly would require a much longer process, the Committee for the Economy agrees to support this legislative consent motion. The Committee asks that the Minister urgently engage with stakeholders, particularly the Irish League of Credit Unions.”
“ENI welcomes the Bill forbidding the courts making a winding-up order where the company's insolvency is due to debts incurred as a result of COVID-19. However, insolvency can occur as the result of a loss of income as well as accrued debt. ENI believes that evidence of lost income as a result of COVID-19 should also be considered when forbidding the court to make a winding-up order. ENI recognises that the businesses must provide reasonable evidence to demonstrate the link to COVID-19 impact and that that needs to be embedded in the Bill to decrease the number of incidents of potential fraud. <BR /> <BR />ENI suggests that a sunset clause be added covering a suggested period of time when urgency prevails, perhaps 31 December 2020.”
“The ILCU seeks clarity on whether it is the Department's intention that the regulations will be made should credit unions require additional time to complete their AGMs. <BR /> <BR />Enterprise NI responded to the Committee without having prior sight of the Bill or LCM. In its response to the Committee, ENI suggested that the period proposed by the Bill to prevent the presentation of winding-up petitions should be extended to cover cases where the statutory demand was served between 1 March and 31 October 2020. ENI believes that protection is required for a longer period for businesses that will inevitably experience COVID-19-related difficulties as government support ends and the costs of reboot and recovery kick in.”
“The response notes that under paragraph 2 of schedule 14, an earlier or later date may be substituted by "the appropriate national authority". The ILCU suggests that, as social-distancing measures may well be in place beyond September 2020, the Department should consider making regulations that extend the relevant period to incorporate the normal calendar of credit union AGMs, which take place in the three months after 30 September. <BR /> <BR />The ILCU expressed concern that holding virtual AGMs will mean increased costs and cybersecurity implications. Additionally, the ILCU highlighted that important issues like declarations of dividends or interest rebates can be approved only via AGM, so voting via electronic means is likely to be an area that credit unions will need to look at as a consequence of the Bill.”
“The ILCU indicated that it is supportive of measures that are seeking to provide flexibility, proportionality and protection for credit unions in how they undertake their activities in the current circumstances and welcomes temporary flexibility for AGMs to allow such meetings to be held by other means even if a credit union's rules do not allow it. <BR /> <BR />The response particularly highlighted that schedule 14 to the Bill applies to meetings that are held between 26 March 2020 and 30 September 2020. The year end for credit union accounting purposes here is 30 September. The ILCU-affiliated credit unions, under the ILCU standard rules for credit unions, must hold their general meetings within four months of 30 September; ie, by the end of January 2021. Traditionally, most local credit union AGMs are held in November and December.”
“That brief consultation was based on the information that the Committee had already received from the Department. However, at that point, it did not include the Bill or the legislative consent memorandum. <BR /> <BR />The Committee received written evidence from the Irish League of Credit Unions (ILCU) and Enterprise NI (ENI). Members are extremely grateful to them for doing that in a short period. Again, due to the considerable time restrictions, the Committee was unable to take oral evidence on the Bill or the LCM. The ILCU also noted the limited timescale within which consideration of the LCM was undertaken. The organisation had some high-level discussions with the Department on the proposals; however, the body did not have prior sight or knowledge of the detail of the Bill.”
“Prior to the introduction of the Bill and the LCM, the Committee received, at its meeting on 6 May, an oral briefing from officials from the Department's insolvency service who outlined the detail of the Bill as it related to the North. <BR /> <BR />At its meeting on 13 May 2020, the Committee considered correspondence from the Department, updating it on the expected date of the Bill and its content and informing the Committee that, as a result of the accelerated passage of the Bill through the House of Commons, it would not be possible for the Committee to have the normal period to produce its report. The Committee agreed, at its meeting on 13 May, that, despite the extremely narrow window of opportunity to do so, it would carry out a consultation exercise with stakeholders and wrote to them on 15 May.”
“<BR /> <BR />As I said, the Committee understands the need for measures to support businesses at a time of unprecedented difficulty and is broadly supportive of the Bill and the actions of the Minister for the Economy to allow such measures as are necessary to be put in place via legislation at Westminster on behalf of her Department through an LCM approved by the Assembly. <BR /> <BR />I wish to reflect briefly on the Committee's consideration of the Bill and the LCM. The Department wrote to Committee members on 21 April 2020 to inform them of the Bill's introduction in the House of Commons by the British Business Secretary and that the Minister intended to bring forward an LCM to enable amendments to the insolvency legislation to be in the Bill.”
“<BR /> <BR />The Minister indicated to the Committee that it would take considerably longer to pass an Act of the Assembly to introduce these measures into law here than by using the Westminster Bill and the LCM. The Committee acknowledges that issue and does not wish to see local businesses unable to avail themselves of the same support and relief as that available to struggling companies in Britain. The Committee is very supportive of the fact that the Bill means that credit unions, cooperatives and community-benefit societies will benefit from the same easements that are being proposed for companies as regards meetings.”
“<BR /> <BR />Legislation dealing with insolvency in mutuals is a devolved matter, so legislative consent is required here. The Committee welcomes the measures. <BR /> <BR />The legislative consent memorandum was laid in the Assembly on the 21 May 2020, and the draft motion was contained in the memorandum. The motion itself was laid on the same day, with today, Tuesday 2 June, being set for debate. It will come as no surprise to Members that the Committee for the Economy has not had much time to consider the motion and to take relevant evidence, as per normal procedure. The Committee has done what it can, in the time available, to undertake some small degree of consultation. The Department did not undertake consultation regarding the content of the motion.”
“Directors will have immunity from liability for wrongful trading, where deterioration in a company's finances during a specified period is attributable to the virus. Companies get a moratorium free from creditor pressure to assess their best rescue or restructuring. Provisions will ensure that companies have access to the services and supplies that they need if they are being kept open during a moratorium or insolvency procedure. <BR /> <BR />A new power will allow amendment of corporate insolvency or governance legislation to address problems caused by COVID-19. Proposed amendments to company law will provide a rescue-and-restructuring procedure, as well as measures to ensure that those companies required by law to hold AGMs will be able to do so safely, consistent with the restrictions on movement and gatherings.”
“It will reform the corporate insolvency regimes here and in Britain introduced on an urgent basis to assist businesses dealing with the effects of the lockdown brought about by the COVID-19 pandemic. <BR /> <BR />The Bill contains temporary measures proposed as a direct result of the pandemic to relieve companies from complying with aspects of insolvency and company law. There is also a package of permanent reforms to the corporate insolvency and governance framework. These measures were consulted on by the British Government in 2016. To summarise, it will not be possible to petition to have companies wound up where the statutory demand was served during a specified period, beginning 1 March 2020. The courts' right to make winding-up orders will be suspended where a company's inability to pay its debts is a consequence of coronavirus.”
“I will be as brief as possible. The Corporate Insolvency and Governance Bill 2019-21 was introduced to the House of Commons and given its First Reading on 20 May 2020. MPs will consider all stages of the Bill tomorrow. The Committee welcomes the basis for the Bill, albeit that Committee members have some issues, which I will detail later. <BR /> <BR />As the Bill indicates, due to enforced restrictions on movement and gatherings introduced with the aim of curbing the spread of COVID-19, many, otherwise economically viable, businesses are experiencing significant trading difficulties. The Bill aims to ensure that businesses can maximise their chances of survival.”
“I urge Members to support the motion. We will support the amendment put forward by the Alliance Party.”
“My party colleague the Finance Minister has spoken about establishing a commission to evaluate the devolution of fiscal powers. That should be taken forward as part of the recovery planning, and we must look at what type of borrowing powers we can deploy. Economic and societal recovery post-COVID-19 must seek to address the fundamental underlying problems of the Northern economy. We must address the impact of the COVID-19 crisis, confront the severe economic threat of climate breakdown and prepare for the significant challenges posed by Brexit. In doing so, we must seek to advance the objectives of social and economic equality, sustainable economic development, regional balance and the protection of workers' rights and incomes. <BR /> <BR />I quote the director general of the WHO, again. He said:”
“<BR /> <BR />Despite efforts to limit economic damage through such interventions as the job retention scheme and business support grants, there is a recognition that unemployment figures will likely soar in the weeks and months ahead. We must have a collaborative approach to responding to that, with the involvement of government, industry, education and the community and voluntary sector. The engagement forum, which was established by the Executive in response to the COVID-19 crisis, is the model of engagement and partnership that must be encouraged to continue. The involvement of wider civic society as not only stakeholders but partners will enable policy to be shaped to best respond to the needs of society. <BR /> <BR />The Executive will need tools to aid the type of economic recovery to which we aspire.”
“I thank the Member for his intervention. To be fair to him, that is an issue that Governments across the world are grappling with at this time. We all have to look at how we are going to do it in the future. Collectively, there is a need to address that. <BR /> <BR />A strategy of supporting our indigenous businesses should develop high-skilled employment in sectors that will help us to achieve our economic potential, fulfil our climate obligations and shield the economy against further COVID-type shocks. Crucially, we must also invest in apprenticeships and further and higher education to ensure that people have accessible opportunities to reskill and seize emerging opportunities.”
“<BR /> <BR />While we will always look outwards to achieve globally, we must also support our indigenous SMEs and microbusinesses to create and sustain employment. There is a need to review the remit of Invest NI to support the development and diversification of local and all-island supply chains, empower microbusinesses and entrepreneurs and realise the potential of the digital and green economies.”
“Commitments in New Decade, New Approach provide a basis to tackle that. Powers to set minimum wage levels should be made a devolved matter, and we must strive to replace precarious work with high-skilled, secure, unionised employment. That will go some way to addressing longstanding low productivity levels. Strengthening collective bargaining through the recognition of unions in the workplace is also important in empowering workers. <BR /> <BR />Our communities have played a huge role throughout the crisis in supporting each other and the vulnerable. Other business models, such as social enterprises and cooperatives, bring important benefits, including investment, to communities. We should seek to build on the community solidarity that has been shown over recent weeks.”
“I am, therefore, calling for the establishment of a just transition commission to bring together all the relevant partners to plan for how we achieve our climate targets and ambitions as a society. A green new deal was a commitment in New Decade, New Approach, which needs to be implemented as part of the recovery plan. A green new deal can stimulate economic activity by, among other things, rapidly switching to green energy, growing the green economy, building modern public transport infrastructure and retrofitting homes to conserve energy. <BR /> <BR />To support workers and families, we must address the longstanding issues in the local labour market, particularly the scourge of low pay and low productivity. Low pay causes in-work poverty and leaves families in danger of deprivation.”
“We are all well aware at this stage of the need to rapidly decarbonise to limit global warming to less than 1·5° in order to prevent further climate breakdown. A green recovery has huge potential to create high-skilled, well-paid employment through green skills development and infrastructure investment. There have been increasing calls over recent weeks from across the world, as well as locally last week when 40 organisations wrote to the joint First Ministers to prioritise a green recovery. At the weekend, the director general of the WHO urged us to:”
“For many, it has changed how we value and appreciate the small things that we may have taken for granted — seeing our families, going for a drink with friends or training with our teams. It has changed things on a bigger scale too, such as how we work, transport choices or supply chain decisions. There is, of course, much still to be worked out about how things will operate as we reopen our economy and society. Our strategy for recovery must not just be about making things better for the economy but for society as a whole and for our planet. <BR /> <BR />I previously said that our economic and societal recovery should be based on some core principles. Those principles, in my view, should be a just transition to a net zero carbon society, supporting workers and families and supporting businesses to create and sustain employment.”
“Those challenges remain and we must all, collectively, continue to make the argument for investment in our public services. The outworking of the crisis must not be further austerity measures from the British Government to pay for it, and we should all be making the argument for economic stimulus. Otherwise, the interventions to date will have been in vain and we will see escalating unemployment, economic stagnation and greater inequalities. Frankly, business as usual will not be good enough. It would be a return to an economy that is based on inequality where the rich stay rich and the poor stay poor, with ingrained structural barriers across all facets of society. We must break down those barriers so that everyone has the opportunity to achieve and prosper in life. <BR /> <BR />The pandemic has changed things.”
“Over the past few weeks, many people have expressed sentiments about how we need to do things differently in future, about learning the lessons of the pandemic and about valuing the key workers who have stepped up in the most difficult circumstances and have done more than just their jobs to serve wider society. However, if we want things to be different, we have to take action to make them different. We cannot simply rebuild what was there and return to business as usual. We must, here and now, plan for the economic and societal recovery that we want to see and put a strategy in place to action it. <BR /> <BR />COVID-19 has had a huge impact on our society and economy. Our Budget was already under pressure prior to the unprecedented crisis and our public services were struggling after a decade of austerity.”
“However, it is also clear that the clock is ticking down quickly towards the end of June. There is much to do both practically and legislatively in relation to that as yet uncertain outcome. An extension to the deadline is the only sensible option at this point. <BR /> <BR />Let us face it: the pandemic and our experience of it has changed all of us individually and as a society. Those experiences must shape our economy and society for the better, building on our resilience and solidarity as a community. I support the Bill.”
“We have seen how quickly some businesses have repurposed to produce vital personal protective equipment (PPE), for example, and they must be commended for those efforts. We must support other businesses to be innovative. I agree with Mr O'Toole's comments on fiscal powers; I always agree with him when he makes that point. We should continue to argue for the devolution of further fiscal powers. I know that the Finance Minister has talked about setting up a commission, and that should be factored into our recovery plans. <BR /> <BR />In bringing my comments to a close as economy spokesperson, I must mention the huge concern that remains on our immediate horizon: Brexit and the continuing negotiations. It is vital that the British Government provide further details on how they intend to implement the protocol as a matter of urgency.”
“Further financial and fiscal stimulus is the only way to bring about an economic recovery in the shorter rather than longer term. The British Government must recognise that. We, as an Executive and Assembly, must collectively, together with civic society, business organisations, academia, the community and voluntary sector and trade unions, make the case for the support that our local economy needs. We must continue to look at how we, as an island, can recover by investing in and supporting our local supply chains. The fragility of global supply chains and of relying too heavily on imports has been exposed in recent weeks. There is a potential to be more self-sufficient across the island, and we must grasp it.”
“One suggestion that I make — I have written to the British Chancellor on this, and perhaps the Minister could also take it up — is to tighten up tax loopholes so that big companies and the super-rich pay their way. Many of them have benefited from the Government's unprecedented interventions, so they should pay their way in the time ahead. Companies that have benefited from the crisis with increased profits and share prices should be subject to a windfall tax. The revenue generated could be directed to support our vital public services. <BR /> <BR />Suddenly switching off the funding for interventions like the job retention scheme would result in huge numbers of redundancies. Quite simply, it would mean that the interventions to date had been in vain.”
“Government can certainly play an important role in stimulating the construction sector and the local economy through major capital builds. There are projects like Magee medical school, Casement Park and renewable energy projects that should be expedited. <BR /> <BR />There are already conversations happening and concerns being expressed about how we will pay for the pandemic. It is a topic that Governments around the world are grappling with. This is an extraordinary crisis brought about by a health emergency; it must have an extraordinary response. One thing that is absolutely certain is that we cannot have a return to austerity in the aftermath of this; that would simply compound the disaster.”
“Skills development must be part of that. <BR /> <BR />There were a number of progressive commitments and principles agreed to in the New Decade, New Approach agreement, including directing resources on the basis of need and tackling regional imbalance. They must guide our investment in the time ahead. A green new deal was also committed to, as other Members have said. It would be shameful not to ensure that our recovery also addressed the climate and biodiversity crises. We must harness the potential of our island by investing in green skills development and infrastructure to tackle structural inequalities as well as the climate emergency. We need to look at how we can address multiple priorities and strategic outcomes. The Minister has talked about how he has asked Departments to look at their capital programmes.”
“It is my belief that we must do that according to a set of core principles that enshrine workers' rights and reverse the trend towards precarious working in zero-hours contracts, and we must build on the new ways of working that we have all had to adopt in a very short time. Remote and flexible working that can enhance work-life balance is more environmentally friendly in that it reduces commuting, and it promotes regional balance by having people in their own community more often. That will obviously require investment in digital infrastructure and other infrastructure to support remote working. We must ensure that decarbonisation is one of the core tenets of the recovery and that we build on the sectors that have been able to expand during the crisis, as well as supporting other sectors to recover.”
“Those challenges remain, and we must collectively continue to make the argument for investment in our public services, public services that have been vital in recent weeks and that have been stripped bare following a decade of austerity. The role of the essential workers who provide those public services must also be recognised, and never again should we hear disgraceful talk about how some of them are low skilled. <BR /> <BR />I agree with Mr Muir's comments that, in the weeks ahead, as we plan for economic and societal recovery and allocate budgets to Departments to support that, there needs to be a coordinated, strategic and collaborative approach.”
“The Committee looks forward to the outcome of the June monitoring round to better assess the budget position for the Department. At the same time, the Committee continues to consider the impact of Brexit and the impact of the protocol on the local economy. That still requires significant budgetary support. <BR /> <BR />I will now make a few remarks in my capacity as Sinn Féin's economy spokesperson. Like others, I will try not to repeat myself but speak in broader terms about the Budget, because we all recognise the difficulty in trying to finalise a Budget in the current context. Our Budget was already under pressure prior to this unprecedented crisis, particularly after the British Government reneged on some of their financial commitments in the context of the New Decade, New Approach agreement.”
“The Committee urges the Executive to listen to the advice of the bodies, organisations and individuals who have the expertise to take our economy and society forward. Let us emerge from this dark time to a new economy, where we take the lessons we have learned and budget accordingly. <BR /> <BR />Budget scrutiny at this point remains difficult, as I said on 5 May. The Committee remains extremely supportive of the Department and the Executive's COVID-19 response, and members will continue to advise on gaps and issues, as well as ideas and solutions, going forward. <BR /> <BR />The Committee continues to stand ready to scrutinise the Department's budget as and when there is greater detail and certainty. It remains the Committee's view that the Department for the Economy must have its budgetary needs prioritised.”
“That will mean investing in new green industries and jobs. It will mean building and capitalising on the local community efforts that have got us through the crisis. Localisation where possible, rather than globalisation at all costs, must guide us. Our communities have shown themselves to be resourceful and innovative, businesses have been repurposed, and social enterprise is clearly the way forward in so many sectors and for so many businesses. <BR /> <BR />The Committee understands that the Budget envelope that the Executive have at their disposal is finite. However, members have heard from so many stakeholders how we can and should pay it better and in a more sustainable way. The Committee advocates on behalf of its extensive stakeholder base that the Executive apply their Budget in a creative way.”
“However, members have been heartened by the evidence that we have received from a range of bodies and organisations highlighting how, in recovering and rebuilding our economy and society, we can create new and better ways of doing things. The Committee has been hugely impressed and deeply humbled that, while organisations come to brief members on the issues faced by their sector, they are also designing and sharing visions of how we can move on and improve. There is little self-pity, and that is a testament to the resilience and ingenuity of our people. <BR /> <BR />The Committee believes that the newer, better way of doing things should reflect the lessons that we have learned from the terrible blight of COVID-19. We must build in a way that respects our planet and makes better and safer use of our resources.”
“Go raibh maith agat, a Phríomh-LeasCheann Comhairle. I have to say that I did not know that there was ambiguity about your title. <BR /> <BR />It is only three weeks since I spoke on behalf of the Committee for the Economy in the 2020-21 Budget debate, on 5 May. As so many Members have said and, I suspect, will be saying for some time to come, we live in exceptional times and can no longer apply the rule book to which we have referred for so long. The Economy Committee finds itself at the heart of scrutinising measures put in place by the Economy Minister and her Executive colleagues, including the Finance Minister. The Committee's position is, in some ways, unique among Statutory Committees in that we can see and hear first-hand evidence of the economic devastation that the human tragedy that is the COVID-19 pandemic has brought with it.”
“I have been contacted individually and via the Economy Committee by businesses, representative organisations and others with innovative proposals on how they can reopen safely and possible support measures that will be required, not just financial but practical. It is vital that there be a collaborative approach to the recovery plan, and I welcome the continued work of the engagement forum, which has brought together businesses, trade unions and others. It must have a role in the longer term also. We must all — government, business, academia, community and voluntary — work together in the days, weeks and months ahead to come out of this. I support the Supply resolution.”
“The British Government will also need to step up with additional support in the form of financial and fiscal stimulus. The coronavirus job retention scheme has been vital, but its continuation and flexibility in the scheme will also be necessary in the time ahead. <BR /> <BR />It has become increasingly apparent that some businesses may only slowly come out of lockdown and some sectors will take much longer to reopen and longer still to become profitable again. It will be important that the Executive have a comprehensive plan for economic and societal recovery guided, of course, by the medical and scientific advice.”
“They are all entrepreneurs or SMEs that have invested their time, energy and money into their businesses, which are vital to our local economy and need support. The rates holiday, of course, has provided much-needed relief, but many of those businesses suffer from a lack of cash and are understandably reluctant to take out loans when they are unsure whether they will recover to repay them. <BR /> <BR />The Finance Minister has asked Departments to look closely at their budgets, and the Economy Minister must explore what further support is required and what funding in the Department can be redirected to support businesses to survive and to stimulate economic recovery, alongside what the Executive do in allocating funds to the COVID-19 response.”
“The necessary measures put in place to protect public health have forced many businesses to close and workers to stay at home. The funding that has been made available to support businesses — £410 million in grant support and over £300 million in rate relief — has been most welcome, but the Minister will likely agree that further support will be required to help businesses recover and to protect jobs and livelihoods in the time ahead. Some sectors have missed out on the business support grants, including sole traders, small manufacturers with NAV over £15,000, some businesses in the most impacted sectors with NAV over £51,000 — they will need specific support to recover in the longer term — social enterprises with charitable status and the newly self-employed.”
“Members are also being very proactive in collating the solutions to the crisis that our stakeholders bring to us, allowing us to provide the Economy Minister and the Executive with significant information to inform our recovery and the rebuilding not only of our economy but of our society. I remind Members that Statutory Committees have a key role in advising and supporting Ministers in the development of policy. That is a role that the Economy Committee fulfils and will continue to fulfil, regardless of any obstacles. <BR /> <BR />I will now make some brief remarks as Sinn Féin economy spokesperson. Obviously, COVID-19 has had a huge budgetary impact, and there are real challenges facing the economy and wider society as we respond.”
“<BR /> <BR />The Department for the Economy continues to lead the response to Brexit and the impact of the protocol. It is dealing with the RHI inquiry response, and it is driving forward strategies across a range of policy areas, including energy, tourism, further and higher education, skills and others, that will be key to our recovery when the terrible human tragedy of the COVID-19 crisis abates. The Department also leads on a number of key actions coming from New Decade, New Approach that will assist our recovery. <BR /> <BR />The Committee will continue in its work of scrutinising the Department for the Economy's use of its budget and supports today's Vote on Account.”
“The Committee is aware that the Department is seeking to repurpose and reprioritise its budget and those of its arm's-length bodies as part of the June monitoring process to allow it to allocate further funding to its COVID-19 response. The Committee is very supportive of that proactivity on the part of the Department. Members also urge the Executive to consider making available any further funding that the Department may need to widen its COVID-19 response so that more businesses and sectors can be included and to fund the recover through the upcoming June monitoring round. The Committee appreciates that the crisis and the job of keeping this place running require considerable funding. However, the Department for the Economy has a unique role in not only responding to the crisis but leading our recovery and rebuilding following it.”