Mr Paul Rothwell is chief executive of Ormeau Bakeries, one of the four big plant bakeries in Northern Ireland, which was founded over 100 years ago. Despite rationalisation within the industry which has reduced employment by 25 per cent over five years, the sector is facing meltdown.

"The trade in Northern Ireland is under enormous pressure because we don't have the same economies of scale of UK firms and the multiples see us as part of the UK and therefore do not accept higher prices for bread.

"Independent research which we commissioned shows there is an existing eight pence price differential per loaf between UK prices and our own. With no way to make this up, it is inevitable there will be future rationalisation within the bakery industry.

"I can't say there will be a huge peace dividend for us. The expectation is that, with a devolved government, there will be a far more significant focus on the local economy. But it is also fair to say that business in Northern Ireland is relatively inexperienced at political lobbying.

"I agree Northern Ireland needs jobs in the technology sector but some caution is required in case we sacrifice our indigenous industry. People can be too cavalier. It's almost as easy to move call centres from one country to another as it is to move textiles plants.

"The irony is that while the Northern Irish bakery trade faces meltdown, importing bread from the UK costs an extra 10 pence to distribute from the UK. There is also the issue of freshness to consider so there is no reason why the indigenous bakery trade shouldn't stay in place.

"We will continue to develop new speciality bread products which we can export and attain better margins."