In the last few weeks some of Northern Ireland Ministers have outlined parts of their legislative agenda. Let’s take a look forward to some of the political decisions coming down the track that will impact the business community here in Northern Ireland.
NI Investment Fund
The Finance Minister Mairtin O’Muilleoir MLA has stated that he is committed to the establishment of a NI Investment Fund and sees it as an important lever in promoting economic growth. He has identified that the delivery of the Fund has been delayed due to uncertainty around the European Investment Bank role in advancing the Fund in the aftermath of the EU referendum, but that officials are currently considering alternative delivery models. One of the alternative delivery options is currently with the Office of National Statistics (ONS) for a classification decision. Once ONS has provided its determination, the intention is then to move to procurement of an external fund manager which is likely to take at least 6 months.
Local Development Plans
Local development plans are currently being advanced by each of the super councils to ear mark land in their relevant areas to be designated for development for up to the next 15 years. This will set the policy for determining future planning applications and is a really important issue for the property development and construction sector. Preferred option papers are being brought forward by some Councils already, with draft plan strategies starting to emerge from early 2017 onward.
Regulatory framework for business
The Economy Minister Simon Hamilton MLA has committed to improving the regulatory framework for business by reducing red tape and streamlining regulatory functions by taking forward the Better Regulation Action Plan. The plan seeks to develop a modern regulatory regime that will allow business to grow while ensuring that people, workers, consumers are appropriately protected.
Employment
Minister Hamilton is also expected to take forward early conciliation provisions under the Employment Act (Northern Ireland) 2016 to enhance opportunities for resolving workplace disputes without the need for legal action, and making improvements to employment tribunal regulations to improve processes for those who do require a legal remedy. He has outlined that he will engage with Executive colleagues in consideration of policy options to tackle abuses in zero hours and non-guaranteed hours contracts.
Insolvency
In the course of the current Assembly, Hamilton will introduce an Insolvency Bill which will further modernise and streamline insolvency legislation for the benefit of creditors and the wider business community here.
Apprenticeship Levy
The introduction and collection of the Apprenticeship Levy is a reserved matter which will be imposed by the UK Government on employers with a pay-bill in excess of £3 million. Whilst it will be a matter for the Executive to decide on the allocation of those funds, the Minister is currently considering how they might be best used for skills and apprenticeship training in Northern Ireland in support of our Economic and Skills strategies. He has stated that it will be his intention to issue a short consultation paper, which will primarily seek the views of the business community, on how any revenues available from the Levy might be implemented to support skills development in Northern Ireland.