Chamber News: Action needed now to tackle cost of living – Chamber President, Aidan O’Kane
1 July 2022
Find out MoreAs appeared in the Derry Journal on Friday 1 July.
A key part of my role as Chamber President is to represent our 350-plus members in meetings and engagements with politicians and elected representatives on a regular basis. After the Assembly Elections in May, despite the ongoing political impasse at Stormont, the Chamber has been meeting with our local MLAs to reiterate what must be delivered for the North West in the next Assembly mandate and to get a better sense of what will be the priorities for our parties over the next five years.
While we advocated hard as always for key priorities and issues affecting the North West in our meetings with Sinn Féin, the DUP, and the SDLP – including the expansion of Magee, enhanced connectivity across our rail, road, and air networks, how to attract more investment to the North West and create and spread wealth equally in our region – it was impossible to ignore the latest challenge facing our businesses.
It’s not an exaggeration to say the cost-of-living crisis is affecting each and every one of us in one way or another. Whether it’s when we fill up our cars with the price of petrol and diesel at record highs or, what feels like, monthly price hikes in our electricity and home heating prices, households and families are really feeling the pinch right now. And with less disposable income within our economy, our local and independent small businesses are suffering as a result.
While we are thankfully leaving the pandemic and its impacts behind us, the growing cost of doing business is hitting small and independent traders especially hard. Inflation is rising rapidly as are the costs of energy, fuel, and materials for all sectors. Certain industries are experiencing acute and severe staff shortages as well, meaning they are forced to close or turn down work. This vicious cycle leaves workers with less disposable income to use which in turn means less trade for our businesses.
This mix of rising inflation and a constricted consumer spending power is potentially fatal for many businesses. And, at the risk of sounding like a broken record, it is all compounded by the fact that we are without a functioning government in Northern Ireland. In our recent meetings with MLAs of all parties, we stressed once again how critical it is that a fully functioning Executive and Assembly are formed as soon as possible.
Other jurisdictions across these islands are reacting to this crisis, by supporting families and businesses where possible. Without a proper Executive in place, people in Northern Ireland are being left to struggle along on their own, with some charity and third sector organisations picking up the pieces for the most needy. It’s not acceptable that we are being left behind. Businesses have had two hugely tumultuous years with the pandemic. This summer should be a time of celebration and an opportunity to recuperate losses, especially as we welcome visitors back to the North West. As it stands, with Stormont rudderless yet again, it looks as if businesses, families, and households will get by on their own once more.
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