• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today!  028 3752 2909 or 028 8778 9500

  • Facebook
  • LinkedIn
  • Twitter

WHR Accountants

  • HOME
  • ABOUT
  • OUR TEAM
  • SPECIALIST SERVICES
    • Audit & Assurance
    • Accountancy
    • Book Keeping
    • Computerisation
    • Payroll Services
    • Business Development & Start-up
    • Tax
    • VAT
    • Business Information Systems Support
  • BECOME A CLIENT
  • BLOG
  • VACANCIES
  • CONTACT
  • SEARCH

Mobile Menu

  • HOME
  • ABOUT
  • OUR TEAM
  • SPECIALIST SERVICES
    • Audit & Assurance
    • Accountancy
    • Book Keeping
    • Computerisation
    • Payroll Services
    • Business Development & Start-up
    • Tax
    • VAT
    • Business Information Systems Support
  • BECOME A CLIENT
  • BLOG
  • VACANCIES
  • CONTACT
  • SEARCH
  • Facebook
  • LinkedIn
  • Twitter
Home » Blog » Business Activity Slows As Post Brexit Arrangements Bite

Business Activity Slows As Post Brexit Arrangements Bite

February 9, 2021 By //  by Des Ingham Leave a Comment

A new survey has shown a worrying slump in business activity in Northern Ireland as red tape snarls up movement of goods. This is the worst downturn since May, however the overall business community is quietly confident that better times are around the corner as the vaccine roll-out continues.

Construction The Worst Hit Sector

Business Activity Slows In Northern Ireland

Construction was the worst hit sector, closely followed by services, retail and then manufacturing. Some of the cost of dealing with the Brexit red tape looks like being passed on to the consumer as prices start to rise in all these sectors.

Ulster Bank chief economist Richard Ramsey is quoted in the Belfast Telegraph, saying:

“All 12 UK regions started 2021 with the sharpest deterioration in business conditions since May last year.

“Lockdown restrictions were the primary cause of the slump in demand back then and in January. There was also a consistent theme across all 12 UK regions as far as new orders and employment were concerned, with contractions across the board.

“Within Northern Ireland, this theme of falling output, orders and employment was also evident across all four sectors.”

“Higher shipping costs were widely cited alongside higher raw material costs and increased transport costs linked to the new Brexit arrangements.

Prices Of Goods & Services Rise

“As a result of these cost pressures, local firms, most notably retailers, hiked the price of their goods and services at the fastest pace since October 2018.”

“2021 has been the year of the rollout on two fronts. The rollout of the vaccine will be the single biggest factor driving economic performance later in the year.

“Meanwhile the rollout of red tape linked to the new Brexit arrangements will hinder Northern Ireland’s economic recovery by adding costs to business and restricting trade.

“While Northern Ireland has the advantage of remaining within the EU’s single market for goods, it finds itself on the wrong side of a regulatory sea-border which has effectively redrawn the map of the UK’s single market and customs union.”

A Compromise Needs To Be Reached

This is rather gloomy news and it is hoped that eventually it will be made easier for businesses to trade across all borders so that goods will flow more quickly and costs will be kept to a minimum. The extra red tape caused by the break with the European Union isn`t going to go away now but we are sure it can be made less problematic and easier to complete as the weeks roll on. Let us hope so.

Category: Business Activity Slows In Northern IrelandTag: business activity slows in Northern Ireland

Looking for immediate answers to your questions?

Schedule a no-cost consultation today!

This is a very useful Call To Action in the “After Entry” widget area. You can put whatever you’d like in it, and change the background color to whatever you’d like.

You May Also Be Interested In:

Extra £2.6 Billion Of New Capital Announced To Help Fund Growth

Funding Package Announced To Support Employee Ownership In NI

Private Sector Back In Growth Mode In May

Accountancy Body Calls For More Competitive Rate Of Corporation Tax

Don’t Go It Alone: Why An Accountant Is Your Best Ally For Making Tax Digital In 2026

Soaring Costs Hit Hospitality Sector Hard

Northern Ireland Energy Summit Back For A 2nd Year

Beyond The Fee: How An Accountant Can Save You Money On Your Taxes

BGF To Play Its Part In Supporting Businesses Across The UK With Funding

Previous Post: « When The Going Gets Tough The Accountant`s Get Going
Next Post: £300 Million More To Support People, Businesses & Public Services »

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

WE PROMISE YOU:

If you are finding the current economic situation tough, then rest assured, we understand the pressures you face as a business owner or manager. You don’t have to face the future alone. When you choose WHR, you have an ally, a partner, a friend, in both the good times and the tough times.

028 3752 2909
028 8778 9500

RECENT POSTS

Job Retention Scheme – Update

Dear Payroll Client We are trying to continue to run our …

Extra £2.6 Billion Of New Capital Announced To Help Fund Growth

In welcome news yesterday (Mon June 23rd), the Secretary of …

Funding Package Announced To Support Employee Ownership In NI

The Economy Minister Dr Caoimhe Archibald shrewdly chose …

Private Sector Back In Growth Mode In May

The latest survey from Ulster Bank has revealed that the private …

Accountancy Body Calls For More Competitive Rate Of Corporation Tax

A new report compiled by Chartered Accountants Ireland, entitled …

Don’t Go It Alone: Why An Accountant Is Your Best Ally For Making Tax Digital In 2026

The UK's tax landscape is undergoing its most significant …

Footer

Director

James Robinson

Head Office

WHR Chartered Certified Accountants
028 3752 2909 or 028 8778 9500

56 English Street,
Armagh
BT61 7LG

Contact Us

Contact our office today. Our team are ready to help you. There is no better time than now.
Click Here →

Follow Us

Keep up to date with our social media

  • Facebook
  • LinkedIn
  • Twitter
  • Blog
  • Specialist Services
  • Privacy Policy

Website created by ZebWeb