Mr Dunne commented:
'Last week the Ulster University Economic Policy Centre published its long-awaited Cost of Doing Business in Northern Ireland research. This research confirmed many of the worst-held fears around the impact changes to National Insurance Contributions and National Living Wage would have on businesses trying to recover from a global pandemic and price shocks connected to the war in Ukraine.
Since the announcement of these detrimental changes implemented by Labour, I have been contacted by a range of businesses with deep concerns about the viability of their businesses should these additional costs be felt with no mitigation or local government support. These businesses include independent retailers, social care businesses and larger industrial employers.
In March, a representative from the Denroy Group in Bangor outlined to the Economy Committee that the business would experience an approximate increase to payroll costs of around £750,000. This is one example of how increased taxes and costs for businesses can have a detrimental impact not only on the business but on its employees, as businesses are discouraged from raising employment levels and, in some sectors, consider automation as an alternative.
For some months now, the Economy and Finance Ministers have hidden behind the need for the evidence in this research as a prerequisite for action to support local businesses. Now that this research outlines clearly the stark situation faced by businesses, the onus is now on them to bring forward a package of support measures and actions to support local businesses and their employees from the worst effects of the Labour budget.
In response to my questions on this issue, the Economy Minister has argued that she does not have the financial capacity to mitigate decisions made at Westminster. This is a particularly disappointing mindset, especially given the success my colleague and Communities Minister Gordon Lyons had in mitigating the impact of Winter Fuel cuts.
I will continue to make the case for more support for local businesses who are the backbone of our economy, occupy our town and city centres and provide essential employment opportunities.'