Belfast News: Unsustainable NI Government Policy?

With Northern Ireland unemployment figures topping 60,000, a figure which some commentators suggest would almost double if it included those currently excluded from the figures, Simply Belfast ask is the current government policy, executed through Invest NI, sustainable?

Today, the Enterprise Minister Arlene Foster announced that electronics firm Schrader is to invest £29million in its Northern Ireland plants, creating 130 jobs. However, speaking from Schrader’s Antrim plant she stated, 'The creation of 130 new manufacturing jobs is a significant boost for both local industry and the wider economy. It is positive news that the expansion plans are ahead of target, with 110 of the new jobs already in place.

Whilst all job creation in Northern Ireland is welcomed news, it would appear that the unemployment figure, which continues to rise, will be unaffected by this news as there is in essence only twenty posts remaining to be filled. Furthermore, given that Invest NI provided over £5 1/4 million pounds of public money towards this investment, which based on an intake of 130, is a staggering £40,733 per head, is such a policy sustainable?

Given that Invest NI has already committed millions of pounds of public money this year alone, in a policy which appears to some, as simply 'buying' jobs or 'bribing' companies to create jobs, with a negligible effect on the unemployment figure, surely government policy is flawed. Using today's figure's alone, when applied to the Northern Ireland unemployment figure of 60,000, it would take a financial commitment from the NI Executive of a massive and a staggering £2,444,015,538, which is nearly two and half billion pounds, a figure which still excludes those unemployed persons not eligible to be counted in the figures. 

Given that Schrader Electronics is a global market leader and is part of the automotive and industrial division of Tomkins, does this company really require millions of pounds of public money, to carry out it core business function? Should it be allowed, for Invest NI to spend public money assisting companies either to operate their core business or to research new products.

Is this apparent government policy sustainable? Well Northern Ireland is £5 million poorer and the unemployment figure is on the rise. Do you think £40,733 a head is sustainable?

Last Updated: 1st March 2011