Modest recovery not enjoyed by all - Flanagan
Sinn Féin MLA Phil Flanagan has said that while any sign of economic upturn must be welcomed the modest recovery announced today is not being enjoyed by all.
Speaking after the publication of the most recent Composite Economic Index, Mr Flanagan, Deputy Chair of the Assembly's Enterprise, Trade & Investment Committee, said:
“Any sign of economic upturn must be welcomed but the modest recovery announced today will not be felt by the vast majority of workers who will experience a decrease in income through the policies being pursued by the Westminster government.
“Any recovery will be difficult to maintain because of the impact of cuts to child and working tax credits which will result in reduced family incomes and a lower standard of living for thousands of workers.
“The year on year Tory cuts to the Executive budget will have a drastic effect on delivery of front line services while cuts to the benefits system will also remove millions of pounds from the local economy.
“Disposable household incomes here are already 12% lower than those in Britain while our food and energy costs are much higher. All of these factors only frustrate the efforts of our Executive to reinvigorate and rebalance our economy.
“What we need to see is a broad-based campaign involving political and civic society to challenge the British government’s austerity agenda which will prohibit any measurable economic recovery for the vast majority of people here.”