New 10x Delivery Plan 'Step-Change' For Economic Growth

A new 10x Delivery Plan, which aims to be a 'step-change' for economic growth, has been published by the Department for the Economy.

The plan outlines a work schedule to help deliver the 10x Economic Vision and its objectives. 10x represents a transformative approach to supporting innovative economic growth in a way that is inclusive and sustainable.

Permanent Secretary of the Department of the Economy, Mike Brennan, said: "The 10x Economic Vision is an ambitious plan to seize a once-in-a-generation opportunity to reshape the economy in a way that we have previously been unable to achieve.

"We need a more productive and innovative economy, and this enhanced economic activity must be diffused throughout the region with better outcomes for everyone. The 10x Delivery Plan is a first step in leading change to support growth that is inclusive in nature so that all sections of society benefit from the positive effects of a more productive and innovative economy.

"At the same time, we also need to recognise the imperative of building an economy that is sustainable for future generations. The 10x 'triple bottom line' of innovation, inclusive growth and sustainability captures this need to think about these issues simultaneously."

Mike Brennan continued: "In the innovation space, for example, there are stretching targets for how we are to foster innovation across our economy. This Delivery Plan includes actions which will help drive our innovation performance by enabling more businesses to engage in innovation, supporting more businesses to bid and win competitive research and development funding from UK-wide competitions, and building a tech ecosystem that will create many more high-growth technology-based firms.

"To encourage inclusive growth, our objectives are to increase average levels of pay and close the employment gap between different groups based on gender, disability and deprivation levels, all supported by a better-qualified population. We will investigate and pilot putting in place requirements for good employment practices in DfE-funded activity to maximise our impact toward our inclusive growth objectives. And in the area of sustainability, we will seek to increase Northern Ireland's use of renewable energy and reduce greenhouse gas emissions, while doubling the size of the low-carbon and renewable energy economy, as we work to exploit the commercial opportunities that exist.

"These are, clearly, ambitious aims, and the public expenditure context is of course very difficult. This has created, and is likely to continue to create, real challenges for policy delivery. This plan outlines what we can deliver in this financial year with the budget constraints that we must operate within."