Leading figures in the world of commerce are dismayed at the prospect of continuing political uncertainty, writes Sorcha Crowley
A number of leading figures in Northern Ireland's business community expressed disappointment at the suspension of the power-sharing institutions from midnight last night, saying political instability was damaging.
They urged politicians to resolve the situation as soon as possible. Mr Stephen Prenter, of the accountancy firm BDO Stoy Hayward, said the suspension was "clearly a very negative development".
Mr Prenter, who also chairs the official business alliance Investment Belfast, said the suspension of the power-sharing institutions "sent out the wrong signals at the wrong time".
"At a time when Northern Ireland needs international investment and local investment and to encourage our future entrepreneurs, this goes against each of those strands," he said.
"It goes to the heart of leadership and undermines the way people abroad look at Northern Ireland, our politicians, and by extension the business people and graduates. It does nothing to instil confidence."
Ms Helen Roulston of Momentum, an association for 9,000 information technology employees, stressed the need for political stability for confidence to grow in the national and international investment sectors.
"We need to get it reinstated as soon as possible but under the right circumstances. It's negative in the sense we're not seen to have a local administration, which affects confidence in both inward and indigenous investment" she said. " This is a time of uncertainty and uncertainty is bad for business."
Ms Linda Brown, director of the Institute of Directors, hoped that "the important initiatives in infrastructure, innovation and tourism would continue" and urged the politicians to "take the action necessary to rebuild trust". Ms Brown said it was important that "the people of Northern Ireland aren't punished economically for the political failures".
Mr Malachy Finnegan of the Northern Ireland Tourist Board,said it was too early to speculate on the possible impact of the suspension of the Northern Ireland power-sharing institutions on tourism, although he noted that "any political instability doesn't make our job any easier".
Invest Northern Ireland, which encourages firms to develop external markets and attracts overseas companies to the North, said the current setback was "unfortunate", but added that its task of building a knowledge-based economy remained "relatively unaffected".
"Northern Ireland's economy is the fastest growing economy in the UK and we have a strong record of attracting inward investment," said Ms Ann Phelan of Invest Northern Ireland.
The Federation of Small Business accepted "it was unfortunate that the Assembly was suspended" but said their "policy agenda on behalf of small business has not".
Mr Gerald Steinberg of Belfast Chamber of Commerce said "the vibrancy and appeal of Belfast as a shopping centre will continue" and doesn't believe the suspension will have a detrimental effect.
"Confidence exists today and confidence will exist tomorrow," he told The Irish Times.
"Both sides face difficulties. The politicians have to resolve the situation by whatever means, by talking in a constructive manner".