SDLP Economy Spokesperson Sinead McLaughlin MLA has secured the support of the Assembly for her amendment calling for the introduction of targets on regional balance.
Ms. McLaughlin tabled the amendment to an Assembly motion on setting ambitious targets for job creation.
Said the Foyle MLA: “I was pleased to secure the support of the Assembly for a specific focus on regional balance in any targets that are introduced by the Economy Minister.
“It is not enough to adopt targets to merely grow our economy. The objective must be to rebalance the economy as well.
“The targets adopted by the Minister for the Economy must be time-bound, measurable and sub-regional. I also firmly believe that targets should be introduced on a range of economic metrics, not merely job creation.
“Raising our levels of economic activity, productivity and alleviating levels of deprivation are all essential if we are going to truly create an economy that works for everyone.
“It is not enough to stick our heads in the sand and pretend all is well or claim that we are somehow failing to “talk up” Derry by pointing out the inequalities in our economy.
“I will always be the first to advocate for our city to investors, but it is the job of government to measure our economic performance and then intervene when the market and policy has failed.
“Moreover, targets without actions are virtually useless. That is why I made the case for fiscal stimulus packages to be introduced by the Minister for the Economy, which should be introduced if a target is not met. There must be consequences for missing the targets that we set.
“Finally, I believe that these targets must be set within a legal framework for reporting and addressing regional imbalances.
“That is why I am continuing to call for binding legislation, led by the Department for the Economy.
“I again raised this directly with the Minister at the Economy Committee and was concerned to hear his belief that he can only legislate for his own Department, despite the precedent of previous legislation that applied duties across government.
“I will be clarifying this position with the Assembly and the Minister without delay.”
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