The majority of Northern Ireland accountants believe the protocol provides a huge opportunity for the local economy, although bad handling of the process is damaging the province’s reputation.
A survey by Chartered Accountants Ulster Society found 81% of its members are finding opportunities for their businesses in the wake of Brexit, despite continued issues with trade between Northern Ireland and Great Britain.
The Northern Ireland Protocol, put in place to allow the free movement of goods on the island of Ireland, has meant there are now checks on goods coming into the province from Great Britain and half of those surveyed suggested that has dented that flow of trade.
However, increased demand for Northern Ireland-produced goods from the Republic as well as the unique position the region finds itself in with a foot both in the UK and in the European Union, provide opportunity, the survey said.
Very few – just 2% - believe Brexit has been handled well by the Northern Ireland Executive, with the majority saying the protocol impasse has damaged Northern Ireland’s reputation on the international stage.
One negative of Brexit which continues to hamstring some businesses is the shortage of talent which, although a global issue, is thought to have been exaggerated by the withdrawal.
Meanwhile, the survey found a positive mood amongst accountants with two thirds reporting the economy is in growth mode despite a myriad of headwinds.
They pointed to rising energy costs, supply chain disruption and current political conditions in Northern Ireland as increasingly difficult obstacles to overcome.
Again they slammed the Executive and the Assembly’s performance, with 78% rating it as poor or very poor, 21% rating it as ok, and just 1% rating it as good. The survey was taken before the resignation of former First Minister, Paul Givan.
Other key findings from the report are that more than half expect the hybrid working pattern will be more common in the year.
Meanwhile, 44% of those surveyed said the number of businesses in financial distress is increasing, with 13% saying the number is falling.
