Political and Economic Look Ahead 2017
by Chris Brown , Director , MCE Public Relations Connect with Chris @ CB _ PAandPA
t the time of going to print we find ourselves in the middle of the
Adevelopment of the Programme for Government , the new Economic Strategy , a Budget delivered to the Assembly by the Finance Minister and the expanding elephant in the room – Brexit .
No one can truly predict what is going to happen , but agility from government will be essential to help those in business keep their confidence levels high .
So , as we look ahead to the early months of 2017 what things do we expect to see ? Here ’ s a quick scan .
Infrastructure
Minister Hazzard is expected to have an ongoing headache into 2017 and beyond as he decides on what the infrastructure priorities should be . He has established an alternative financing unit within his Department to look at all available streams , not just for the York Street Interchange , but for all projects .
It is estimated that he has somewhere in the region of £ 5 billion worth of projects sitting on his desk that he would like to proceed with , but only £ 1 billion to £ 1.5 billion over the next number of years to spend .
New Economic Strategy
The new Economic Strategy , which sets out the ambitious , longterm vision to transform Northern Ireland into a globally competitive economy that works for everyone , will be issued for public consultation shortly .
Together , with the Programme for Government and a new Social Strategy , the Economic Strategy will provide the basis for the Executive ’ s work for this Assembly mandate . The Executive aims to finalise each of the documents and have them agreed in the Assembly around the turn of the year .
Rates Finance Minister Máirtín Ó Muilleoir has unveiled his proposals for a groundbreaking shakeup of the rates system . ‘
A Rates Rethink : Spurring Economic Growth ’ includes a £ 22million investment in retail and hospitality businesses , the introduction of two pilot Business Empowerment Zones and removal of the domestic rates cap .
It will now be subject to a consultation in the new year before the suite of ideas are taken forward .
Review of planning policies on renewable energy and countryside development
The review will be informed by external consultants who will provide specialist research and advice in relation to the rapidly changing technologies and types of renewable energy development and their impacts , including wind turbines and solar farms , and recommend the best policy approach going forward .
It is expected to be completed in 2018 . Hazzard has stated that there will be opportunities for stakeholder engagement and public consultation throughout 2017 .
International Trade Plan for Northern Ireland
Recently the Economy Minister Simon Hamilton announced the development of an International Trade Plan for Northern Ireland .
This is an initiative , whereby a Trade Advisory Board will be appointed , along with several Northern Ireland Trade Ambassadors , and Invest NI ’ s international presence will be expanded , with up to ten more locations around the world by the end of 2017 .
Five further trade missions , led by Invest NI are expected up to the end of March 2017 .
European Social Fund In August 2016 , the UK Chancellor of the
Exchequer provided a guarantee that all EU structural and investment fund projects signed before the Autumn Statement would be fully funded , even when the projects continue beyond the UK departure from the EU .
Economy Minister Hamilton has said it is his intention that projects to be in place to run from April 2018 until March 2022 would still proceed . Preparatory work for the second call for projects will commence during 2017 with a view to having projects approved for April 2018 .
Northern Ireland Investment Fund
The Finance Minister Mairtin O ’ Muilleoir MLA has stated that he is committed to the establishment of a Northern Ireland Investment Fund and sees it as an important lever in promoting economic growth .
He has identified that the delivery of the Fund has been delayed due to uncertainty around the European Investment Bank role in advancing the Fund in the aftermath of the EU referendum , but that officials are currently considering alternative delivery models .
One of the alternative delivery options is currently with the Office of National Statistics ( ONS ) for a classification decision . Once ONS has provided its determination , the intention is then to move to procurement of an external fund manager which is likely to take at least 6 months .
The aim is to have the Fund established before 31 March 2017 .
Health and Social Care Innovation Scheme
The continual decrease in core grant funding continues to be an issue within the health and social care sector .
Many of the organisations who have previously been in receipt of funding are seeing their funding being cut by up to 25 per cent year on year .
The Innovation Fund will be the focus of many organisations as they compete for a small pot of money in order , in many cases , to keep the doors open and the lights on .
The Health Minister has said that she anticipates the new Health and Social Care Innovation Scheme will open for applications early in 2017 .
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