I hold regular discussions with Executive and Government Ministers on a range of economic issues. Our long-term economic plan continues to deliver for Northern Ireland: the economy is growing, there are 46,000 more people in employment today than in 2010 and wages are up by more than 5% over the year.
The economic pact that was signed between the Executive and the Government means that we are working more closely than ever before to rebalance the Northern Ireland economy and boost jobs. Unemployment is down by more than 40% from its peak in February 2013 and progress is being made towards implementing the devolution of corporation tax, which shows that working together between our two Administrations is effective in delivering for Northern Ireland.
I welcome the very good news on the economy in Northern Ireland, but in the light of the recent job losses in the manufacturing sector in Northern Ireland, with companies identifying high energy costs as one of the impediments to manufacturing growth, will the Secretary of State say what she is doing, along with the Executive, to tackle that issue?
I have discussed that matter with the Executive and companies such as Michelin on many occasions, and I appreciate their concerns. It is also right to acknowledge the grave concern that people affected by redundancies at Bombardier will have. It is important to acknowledge that Bombardier is clear that that was part of a global restructuring, and that there was nothing that the Government or the Executive could have done to change its decision. However, it is also worth noting that manufacturing in Northern Ireland is strong and growing.
For our part, as leaders in the Northern Ireland Executive, we will continue to drive forward economic growth in conjunction with the Government here. Tourism is a major and important factor in driving that growth, and the Executive have invested heavily in, for example, Titantic Belfast and bringing major events to Northern Ireland. Will the Secretary of State help us by reducing VAT on tourism and air passenger duty? That would really drive forward our region economically.
The right hon. Gentleman will, of course, know that EU law constrains us from reducing VAT on those matters. However, I am committed to doing all I can to bring more tourists to Northern Ireland, which is a fabulous place to visit. In particular, the Executive’s investment in Titanic Belfast has been an outstanding success.
13. I thank the Secretary of State for her answers so far. However, although she can speak eloquently, and we are all very pleased about the economic development that has taken place, does she agree about the need to work more closely with Northern Ireland MPs and the Executive to establish a much more robust economic strategy to regenerate the economy and stimulate job creation, rather than a series of disconnected policies?
Closer working between Ministers and MPs is always desirable. The economic pact gives us a strong platform for doing that. We have brought the economic pact implementation into line with the process for implementing the fresh start and Stormont House agreements, and that gives even more scope for working closely with the hon. Gentleman’s party and others to ensure that the Northern Ireland economy thrives into the future.