Minister's speech - Momentum Economic Conference - 3 April 2025

Note: This publication may not reflect verbatim delivery by Minister Archibald

Good morning, everyone.

The theme of today’s conference, ‘Delivering Momentum in an Uncertain World’ is very apt, I think it summarizes very well the task ahead of us.

There is uncertainty and indeed apprehension around the world at the tariffs being imposed by the Trump Administration.

This is deeply regrettable.

A trade war will only fuel inflation, and risk recession.

Yesterday, the First Minister, Deputy First Minister and I met with the Irish Tanaiste and the British Trade Secretary to discuss this issue.

As we navigate our way through this situation, I have five key asks of the British and Irish Governments.

First, to keep the north’s unique circumstances in mind in trade negotiations and in terms of any counter-measures.

Second, to act in concert, and to minimise divergence between Britain and the EU.

Third, to provide a properly resourced advice service for businesses so that they can understand how tariffs affect them.

Fourth, to improve existing trading initiatives such as HMRC’s Duty reimbursement and waiver schemes.

Finally, to bring forward an economic package that protects our international competitiveness.

For my part, my Department will closely monitor the impact of US tariffs and any counter-measures.

And on Monday morning I will meet with businesses and trade unions to assess the unfolding situation, and the next steps.

In all of this, the task is to maintain the positive economic momentum that has built up over the last few years.

The north is now outperforming Britain, with a higher rate of economic growth, and a much superior export performance.

Developments outside of our local control, however, threaten this forward momentum, and not just from the US.

The new Labour Government has raised National Insurance, imposed an ETA on tourism, and stalled investment in public services and infrastructure.

As we try to navigate our way through circumstances that are beyond our control, I think we should take comfort in the fact that our businesses have come through many challenges in the past.

In 2008 the global financial crisis caused a recession and governments stepped in to prevent economic collapse.

The onset of austerity in 2010 left us unable to invest adequately in public services and public infrastructure, a legacy that continues to impact on economic development today.

In 2016 we had the Brexit referendum and all the uncertainty through the subsequent negotiations. Brexit has deprived us of access to EU labour, and complicated our seamless trade north/south and east/west.

In 2020 we had Covid, after which many workers left the labour market for good.

And in 2022 Russia invaded Ukraine, triggering a spike in energy prices and a crisis in the cost of living, and the cost of doing business.

So, our economy has faced a litany of crises.

But our businesses are adaptable.

They are resilient!

They find a way!

So, as we confront this moment of challenge, let us remember that we have many strengths to fall back on.

Through the Economic Vision, the clear strategic focus that the Chamber has long called for, is now in place.

My Department and its agencies have recalibrated activity to align with my four priorities of Good Jobs, Regional Balance, Productivity, and Net Zero.

In a difficult financial context, these strategic objectives are helping us to prioritise scarce resources.

We now have Local Economic Partnerships in every council area, which is improving collaboration between central and local government.

We have world leading companies in a range of sectors from advanced manufacturing, to cyber, to fintech, to health and life sciences.

We have internationally renowned universities and colleges.

We have a revitalized and repurposed Invest NI, under the very capable leadership of Kieran Donoghue and John Healey.

In Intertrade Ireland we have another top class business support agency.

We have dual market access, which could become even more advantageous if companies are encouraged by US tariffs to look at alternative markets. 

As a small region we are well connected to each other, and we pull together across academia, the public and private sectors to get things done.

And most importantly we have great people.

A highly skilled and dedicated workforce.

And creative, innovative entrepreneurs who, despite all the challenges, find a way to carve out successful business.

So my message this morning is that we have come through many difficult periods, and we will continue to find a way through the present challenge.

As Economy Minister I will continue to have the backs of our workers, families and businesses, and I’ll continue to work very closely with the Chamber and with the business community to find solutions to the challenges we face, and also, to make the most of the opportunities.

Go raibh mile maith agaibh go leor. Thank you.