Ending brain drain key to North's revival: Paisley

The North needs to hold on to its brightest people if its economy is to prosper, First Minister Ian Paisley has said.

The Democratic Unionist leader told the Business in the Community Awards in Belfast City Hall it was essential the North stopped the brain drain if it was to develop hi-tech and knowledge-based industries.

He also told guests that the executive was still pushing for a more favourable level of Corporation Tax for the province.

“This brain drain has cost our economy greatly as our talented young people pursued their careers elsewhere and contributed to the success of their new homeland,” Mr Paisley said.

“Northern Ireland’s future economic success will be built on hi-tech and knowledge-based industries.

“There just aren’t sufficient talented, motivated and qualified individuals to act as the springboard to match expectations and give the economy the boost it needs.

“We must seek to attract back those who have gained valuable international experience and who can make a positive contribution. As we search the world for potential inward investors we need to remember the experience, capability and aptitude of those who once called this place home.”

The First Minister said fiscal changes were also needed if the economy was to blossom in the North.

He said DUP ministers in the Northern Ireland Executive were pressing David Varney, the former UK Inland Revenue chief Chancellor of the Exchequer Gordon Brown appointed to head a review into taxation in the North, for a reduction in corporation tax to a more competitive rate.

“Having devolution established provides us with much greater opportunities to help make Northern Ireland succeed in the global marketplace,” he told the event.

“Fiscal changes are required for our economy to succeed. We must develop a high wage, high productivity economy focused on high value-added export markets.

“However, several decades of under-investment must also be reversed in order to tackle the inequalities we have inherited as a province, in health, education and employment.

“We have been adamant that a reduction in Corporation Tax is essential. Within the last few days, Ministers and representatives from my party have held meetings with Sir David Varney as part of his ongoing review on this matter.

“A corporation tax change would allow us to expand our export base through the attraction of profitable foreign direct investment. It would also create a Northern Ireland economy less dependent on a subvention from taxpayers across the water.”

Among the award winners were Musgrave SuperValu-Centra which was crowned Northern Ireland Company of the Year and Care Circle, a community nursing company based in the deprived Colin area, which picked up the award for Local Community Impact.