Spring Statement - Response from BDO NI

Sean Lavery, Partner at BDO NI:

“Against a backdrop of uncertainty in Westminster, today the Chancellor made a number of announcements that should be welcomed by SMEs and family owned businesses across Northern Ireland and the rest of the UK. Although the OBR’s growth estimates for the UK economy over the next five years may dominate the headlines, the commitment to tackle late and poor payment practices that can lead to the ruin of many smaller businesses will be commended by many in Northern Ireland and beyond.

“The news that negotiations are progressing in relation to a City Deal for Derry/ Londonderry will be well received by all sectors as this will help lead to significant additional investment in the region, and follows the commitment by the Treasury to contribute £350m to the Belfast Region City Deal in October 2018. The additional £23m boost in spending for public services along with another £15m for broadband improvements will be a boost for the local economy.

“It is important to stress that the Statement was developed and based on the assumption of an orderly and agreed Brexit. With so much uncertainty in relation to this, while we will give a cautious welcome to the Chancellor’s Statement, we are aware that events and a vacuum can always derail the best laid plans”.