Allister’s ambitious target

Of Northern Ireland’s 53,770 VAT-registered businesses, 31 per cent are agricultural and 89 per cent employ fewer than 10 people
Only 200 businesses have more than 200 employees and a mere 65 employ more than 500 workers.
The overwhelming number of large private-sector employers are overseas-owned
Around two-thirds of all manufacturing workers are employed by overseas-owned companies
NI has the lowest average private sector wages amongst the 12 UK regions at 83% of the UK average.

1.2.2 Over-dependence on public sector

NI public sector equates to 61% of GDP, compared to UK’s 42% and RoI’s 27% while public sector wages are 103% of UK average
Public sector, retail and hospitality account for 64% of all jobs, with the public sector employing 1 in 3 of all workers and 60% of all females in employment
Per-capita employment in today’s NI public sector is more than that of any Russian state at the break-up of the Soviet Union
Government sponsored retail-based regeneration strategies create retail developments that depend on continued high public sector wages

1.2.3 Low R& D and business formation

NI has second-lowest level of business formation of the 12 UK regions
NI has the lowest level of business growth amongst the 12 UK regions
NI has amongst the world’s lowest % of GDP invested in R&D
Public investment in NI R&D is 41% of UK average
Overseas-owned manufacturing firms account for 60% of NI R&D spend and 10 FDI firms account for 50% of exports
Private sector wages are 83% of UK average and falling relative to the rest of the UK

1.2.4 Low labour market participation

Over 530,000 people (41% of working-age population) are not economically active
There are worrying underlying trends: Since 1978:
– Unemployment fell by 24,100 – 45%
– Employees in employment rose by 171,690 – 33%
– Incapacity benefit claimants rose by 67,753 – 156%
The rise in incapacity claimants is almost three times the total fall in unemployment