Just 17% of Chartered Accountants in Northern Ireland believe that prospects for the NI economy in 2024 are good with over half (59%) seeing the economy as either stagnant or slowing, according to the Institute’s latest Financial Confidence Survey. Feedback from members working in business, practice and across the public sector have cited ongoing skills shortages, rising inflation and cutbacks in government spending as contributing to this dampened outlook.
On a more positive note, an overwhelming majority of members (87%) view the dual-market access afforded to Northern Ireland post-Brexit as its biggest opportunity for growth over the next decade. Chartered Accountants Ulster Society is a district society of Chartered Accountants Ireland, Ireland’s oldest and largest professional body of accountants. Founded in 1906, the Ulster Society has over 5,000 members throughout Northern Ireland.
Additional survey insights:
- Two-thirds of members support the Executive pursuing the introduction of a lower rate of corporation tax for Northern Ireland
- Over half of members cite the need to address public sector inefficiency as a top priority to make the public finances more sustainable
- Two-thirds of members believe that while Northern Ireland offers a clear investment proposition to attract foreign direct investment to the region, more government supports are needed to bolster this offering
- 8 in 10 members believe childcare in Northern Ireland is currently unaffordable with 3 in 5 respondents reporting they have had to reduce their working hours as a result.
Commenting, Chair of Chartered Accountants Ireland Ulster Society Paul Millar said:
“Despite the economic headwinds facing the economy as a result of inflation, skills shortages and the rising cost of doing business, Northern Ireland ultimately has the opportunity to reverse these trends by fully taking advantage of our unique trading position post-Brexit.
“In this survey, a significant majority of our members rightly point to the dual EU/UK market access afforded to Northern Ireland as our biggest opportunity for growth over the next decade. If we can combine this with the introduction of a competitive corporation tax rate and an improved package of business supports to attract FDI, the effect on the economy could be transformative”.
Commenting, Barry Doyle, President of Chartered Accountants Ireland said:
“Financial confidence, while still muted, is recovering on 2022 levels. There is a notable rise in those that believe the economy is growing, and a sharp drop in those who feel that financial distress is increasing. The accountancy profession is fundamental to economic prosperity right across the island of Ireland, with almost 28,000 members supporting businesses on these shores alone. We have played a critical role in helping businesses in every sector to navigate uncertainty over the last few years, and we are ready to engage with business and political partners with renewed vigour to ensure Northern Ireland can avail of this economic opportunity.”
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