Survey Reveals Many Chartered Accountants Have A Dim View Of This Years Economic Prospects

This blog is about a rather depressing recent survey but please don’t put this off you reading further, there are some fragments of positivity amidst the gloom!! The aforementioned survey is from the Chartered Accountants Ulster Society’s latest Financial Confidence Survey, which revealed that only 17% of their 5,000 members believe that the economic prospects for 2024 are bright.

In fact more than half of the accountants surveyed are of the opinion that the economy will remain stagnant or slow down further. The issues for the economy that they have flagged up include the ongoing skills shortages in the workforce, the concerns of rises in inflation and the likely prospect of further cuts to public spending. On the other hand the survey revealed that the members believed that the dual market access that Northern Ireland has could be a great help in growing the economy over the coming years.

NI Has The Opportunity To Reverse These Trends

The chair of Chartered Accountants Ulster Society Paul Millar did his best to put a positive spin on the survey, he was quoted in an article on the Belfast Newsletter as saying:

“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”.

The Accountancy Profession Is Fundamental To Economic Prosperity

Similarly, Barry Doyle, president of Chartered Accountants Ireland, was quite bullish about future prospects for the economy here. He is quoted in the same article as saying:

“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.”

Barry is spot on about that, so if you have a business and you require some help from a reputable and experienced accountancy firm, give our team a call at the earliest opportunity on 028 3752 2909.