April 2026
‘Stuck in low gear’
There are some 5,800 chartered accountants in Northern Ireland. They’re found in businesses, big and small; the Public Sector; practice and consultancy and the community and charity sectors.
They have their finger on the economic pulse of Northern Ireland. When they say there’s something out of kilter or wrong, then it would pay our political masters to sit up and take notice.
CAs were asked to tell it as it is in the most recent Chartered Accountants Ulster Society survey.
So, strap in and get ready for a rough ride. Remember the survey was completed just before or around the same time as the US-Israel coalition started bombing Iran. It wasn’t a pretty picture before the outbreak of hostilities, and it has certainly worsened in the intervening period.
The survey calls for urgent public sector reform. Eighty-five percent want to see a more competitive Corporation Tax to enhance our ability to attract international mobile investment.
Only 6% view the outlook as positive. Fifty-six percent say the outlook is ‘fair’ and 38% remain pessimistic. Close to six out of ten CAs report that financial distress among businesses in still increasing.
The economy is resilient but constrained and, worryingly, only 7% are saying there’s strong or moderate growth. Stagnation or slow growth, it seems, are the order of the day.
Northern Ireland’s current funding set-up requires significant change and there are strong concerns around governance and delivery. Inefficiency, slow decision-making and a lack of strategic direction are key barriers to growth.
A majority (51%) say the current funding model is no longer sustainable and requires significant change. We would also benefit from exploiting the untapped potential of our unique dual market access.
The Chairman of Chartered Accountants Ulster Society, Mark Lawther, puts it succinctly when he says: “Northern Ireland’s economy has stabilised, but it remains stuck in low gear.”
If a prolonged war produces rampant inflation, fuel shortages, price hikes and depressed demand, then what you’ve just read might well appear as not half bad six months from now.
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More on that tax
Few would doubt that our economy could do with a bit of a turbo charge.
On the face of it, we’re not doing too badly. But is that attitude good enough? Where’s the ambition, the drive to do better?
Chartered Accountants Ireland is pushing for a cut in Corporation Tax to boost our chances of attracting high-value Foreign Direct Investment.
The profession has spoken to representatives from all five main political parties and a few of them have been receptive. At the annual dinner of Chartered Accountants Ulster Society, First Minister Michelle O’Neill talked about tax harmonisation on the island.
The UUP Deputy Leader and Economy spokesperson, Diana Armstrong, said the disparity in the north-south Corporation Tax rate is a disadvantage ‘and it is something we must address if we are serious about attracting investment and supporting growth.’
The conversation – the essential first step - is well underway. Northern Ireland business organisations hold a similar view to Chartered Accountants Ireland. They, too, realise that convincing HMT of the merits of a cut in CT will be far from easy, but we have to try.
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Hope for best but hold your breath
There’s never a dull moment at the White House. It’s an unpredictable administration, one that makes political and geopolitical soothsayers wonder about the value of their impressive degrees from Ivy league universities.
We’re in the midst of a war in the Middle East. Iran is being targeted by the United States and Israel. Tonnes of missiles have rained down and in retaliation, Iran has breached Israel’s Iron Dome and protective installations at US bases in Gulf States to let them know they’re no push-over.
The talk is that the US is preparing to put ‘boots on the ground’. There’s a blockade in the narrow Strait of Hormuz and Iran’s Houthi allies in Yemen have joined the conflict with missile attacks on Israel.
Two narrow choke points – the Strait of Hormuz in the Persian Gulf and Bab el-Mandab Strait in the Red Sea – are central to what is happening on global energy markets. Iranian attacks on tankers using the Strait of Hormuz have pushed up oil prices everywhere. If Bad el-Mandab, which translates as the ‘Gate of Tears’, is similarly blockaded, expect oil to reduce to a trickle.
Petrol, diesel, jet fuel, fertiliser will all hit new highs. The knock-on effect will be dearer foodstuffs, and everything else, and a spike in inflation. In short, we’ll all suffer.
Peace talks to end the conflict are tentative. We hope for the best but hold our breath.
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Potholes and urgency
Infrastructure Minister Liz Kimmins is having a bumpy ride of late, and not just on her daily drive from her Newry and Armagh constituency to the office or Stormont.
Tyres and wheels are being wrecked with pothole hazards on our roads. There are tens of thousands of defects that need repaired. The cost is put at a frightening £1.6 bn.
Motorists are incensed. Their anger over the failure to fix our roads feeds into growing disenchantment with the devolved administration. Surely, our Ministers in the Executive are aware of the crisis or are they more concerned with bashing the paymaster, presiding over a failing Health Service and doing next to nothing to counter pollution in Lough Neagh. Urgency, it seems, is in short supply.
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Dennis the Menace
What have the Royal Mint and Beano have in common? Nothing at all, you might say. Well, you’d be wrong.
These two great institutions have teamed up to produce a new 50p coin to mark seventy-five years of Dennis the Menace and his equally mischievous and loyal four-legged friend, Gnasher.
The antics of Dennis and Gnasher brought us all great pleasure when we were growing up. Add in The Bash Street Kids, Roger the Dodger, not forgetting Minnie the Minx, and we had the perfect upbringing.
Dennis arrived in March 1951 and quickly established himself as a fast favourite. The collaboration with the Royal Mint shows just what can be done with an open mind and a sense of fun.
The last word here must go to the royal Mint Director of Commemorative Coin, Rebecca Morgan. She declared: "There's something wonderfully fitting about this legendary mischief-maker finally making his mark on a collectible 50p and I’m sure Dennis himself would see it as his greatest prank yet.”
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‘Land ho!’
According to the Irish Farmers’ Journal, land prices in Northern Ireland are the highest anywhere on the island.
County Armagh has overtaken Dublin and sits at the top of the table. An acre in the Orchard County comes in just under £23,000. A somewhat better deal can be had in County Down where the price is slightly more than £19,000.
County Fermanagh was the cheapest, coming in at £10,380 which represented a 17% increase.
The average cost of an acre here stood at £15,202 last year and that put it way above the Republic of Ireland which came in at €12,876.
All of this gives farmers a thumping headache. Inheritance Tax for asset rich, cash poor farmers lurks in the shadows and with young farmers unable to afford land, there are serious questions over the future of the sector.
Farming has never been easy, but astronomical prices just add to the challenge.
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Welcome The Bedford Hotel
Belfast’s newest hotel, a 5-star, no less, is about to open to the public.
The listed Scottish Mutual Building in Donegall Street South has undergone a major transformation to become The Bedford. It has 82 bedrooms and a swish destination restaurant and café bar.
The investment is a clear vote of confidence in our hospitality and tourism sector. It is also good news on the employment front with the creation of 100 new jobs across management, culinary and operational roles.
Why not pay it a visit and enjoy this latest very attractive addition to the Belfast streetscape.
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