“The announcement of £650m in Barnett consequentials over the next two years is welcome, but concern remains over how the current deficit in Northern Ireland’s budget - £650m this year alone – will be handled and how increasing demands in the region’s budget pot will be met” - Andrew Webb, chief economist, Grant Thornton
“The statement did little to support businesses and their employees for the tough times ahead. As this crisis deepens, more needs to be done to develop and deliver much-needed supports through the tax system. For many businesses, these could be a vital lifeline for survival and ultimately job protection” - Zara Duffy, Northern Ireland head at Chartered Accountants Ireland
“The statement lays down an important marker for the direction of the country. Business will work with government to turn today’s ambitions into a serious plan for growth that can lift us all out of the current crisis” - Angela McGowan, NI director at CBI
“There were many words about growth through energy, infrastructure and innovation, but few quick fixes. These good ideas seem a little late to the party and the reality is we are all going to feel worse off if inflation does not drop as quickly as forecast” - Ross Boyd, managing director of RB+ Chartered Accountants.
“What it delivered is confirmation of the bleak outlook we face both in terms of business finances and our personal, take-home pay packets. Individuals and business owners will now feel their tax obligations increase, with companies in Northern Ireland in particular making no major gains from today’s statement” - Angela Keery, head of tax at Baker Tilly Mooney Moore
“Our members are facing a perfect storm of cost challenges from energy, business rates and a major downturn in consumer spend, so it's disappointing there was very little further support in the statement for small businesses struggling to keep the lights on” - Glyn Roberts, chief executive of Retail NI
“More is needed from the government to build business confidence here. Greater clarity is still required on how it intends to support businesses with future energy costs and drive better growth” - Ann McGregor, chief executive at the NI Chamber of Commerce
“The announcement that the benefit-in-kind rate for electric vehicles (EVs) will continue at ultra-low levels compared to that for traditional vehicles beyond 2025 is hugely welcome and provides much-needed clarity for those wishing to switch company cars or fleets to EV, as well as being a major boost towards helping businesses on the road to net-zero” - Graeme Thompson, chief financial officer at Belfast-based EV infrastructure company Weev.
“News of a big new trade and investment event in Northern Ireland next year provides an opportunity to demonstrate the region's many strengths as a location for trade and investment. Innovation should also receive a boost from the confirmation that public funding for R&D will increase to £20 billion by 2024-25. Northern Ireland needs to be a key part of this to both improve the productivity of our existing sectors and capitalise on the opportunity to develop new highly productive business sectors” - David Armstrong, consulting partner and government & health industries leader for PwC NI
