Northern Ireland’s Deputy First Minister on Thursday acknowledged that the local business community feels “hampered by political instability and budgetary uncertainty”.

Martin McGuinness stepped away from the round table talks at Stormont for a short time to address more than 400 people from a wide spectrum of industry across the North at a business lunch just down the road where the talks were taking place.

The Confederation of British Industry (CBI), which hosted the event to mark its 50th anniversary, had been expecting both of the North’s political leaders to attend, as it turned out there was no appearance by a First Minister.

But instead there a few home truths delivered by the CBI.

Its Northern Ireland chairman Colin Walsh said he knew of member firms where jobs had been shed and their business “substantially” damaged because of the Executive’s latest budget difficulties.

Mr Walsh said “For a quite a while, the CBI has supported the Executive, even as its performance deteriorated, because on balance – and it was a fine balance - the benefits of providing a united image abroad outweighed the impact of the increasing dysfunctionality at home.”

But he said CBI members no longer wanted to see the old Executive back in business.

“We want to see a reformed Executive, with new mechanisms and procedures that delivers results and brings an end to the recent series of standoffs, logjams and showdowns. People are tired of a Stormont that staggers from crisis to crisis. Our political leaders must deliver political stability,” Mr Walsh said.

But Mr McGuinness did embrace the opportunity to determinedly sell the talks process to the audience, he stressed that they were “crucial for the political and economic future of the North of Ireland”.

He said that all parties around the talks table wanted to grow the economy, create jobs and continue the economic recovery and he highlighted what he said the Executive had achieved over the last five years.

The Deputy First Minister said this demonstrated what could be achieved in the North when politicians worked together.

“Over the past 12 months Invest NI support for businesses has helped secure nearly 14,000 new jobs, securing over £4 billion investment in the local economy.

“These jobs will be created across a range of industries over the coming three to five years, delivering over £300 million of salaries annually,” Mr McGuinness added.

But he said it had not happened by chance.

“Both Peter and I have travelled across the globe to meet with business leaders and have not only encouraged them to come here, but have secured their commitment to set up and grow their businesses locally,” Mr McGuinness said.

He said while there had been continued investment key areas such as transport, tourism, energy and telecommunications Northern Ireland also had a “long tail of underachievement” to deal with in order to get young people into work and to help realise the potential the business sector had to offer.

The Deputy First Minister said:”We accept there is more we can do and we want to work in partnership with you and everyone in wider society who has a stake in creating a better future for all and translating the vision of a more prosperous society into reality.”