Lack Of Financial Data 'Restraining' NI Executive

The Northern Ireland Executive is being restrained by the lack of economic data, Sinn Féin Economy Spokesperson, Daithí McKay has said.

Speaking following a roundtable discussion on a report produced by NICVA, Deputy McKay said: "The report produced by NICVA illustrates the complete absence of public finance data and shows clearly that the projection of the North's fiscal deficits produced by Department of Finance (DFP) is neither accurate nor useful.

"Public expenditure and revenue is a function of the economy. Without this information it is not possible to develop a successful and sustainable economy. Above all local tax payers deserve to know where their taxes goes.

"To ensure that we shape our economic policies correctly, enabling us to target resources accordingly, we need to have up to date information on our economic outputs, public expenditure and revenue, more advanced statistics in regard to GDP and an accurate overview of local businesses.

"Scotland is already advancing in this area therefore we should not be deterred by the naysayers who prefer to cling to the comfort blanket of the status quo rather than have the confidence to take responsibility for our own fiscal policies.

"The status quo puts us at a severe disadvantage and failure to pursue more up to date information on economic outputs and business needs will mean that the local economic recovery is more likely to be sluggish and prolonged.

"Local economic strategies need to be based on accurate data not guestimates and assumptions. If we are serious about growing the private sector in the north and increasing exports then parties need to wake up to the fact that we must have a more accurate baseline to work from as well as maximum control over fiscal policies. The strongest and most successful economies are those which have the most detailed information on economic growth. We need to move beyond measuring economic development against local targets towards measuring success through economic growth"

(MH)