Business confidence in Northern Ireland fell in the wake of October's UK budget, an Ulster Bank survey suggests.
Every month the bank surveys a representative sample of about 200 firms in the four main parts of the private sector.However, companies remain on balance optimistic that output will rise over the coming year, linked to expected growth of new orders. Sebastian Burnside, chief economist at Ulster Bank's owner NatWest, said: "Last month we said that the November data would give us the first insight into the impact of the UK Budget on firms.The budget included a rise in employers' National Insurance , a tax levied on company payrolls.
From next April all but the smallest firms will have to pay NI at 15% on salaries above £5,000. The current rate is of 13.8% on salaries above £9,100. The Ulster Bank survey also suggests the Northern Ireland private sector was still growing in November.Potential of north west 'waiting to be unlocked'6 days agoThe Ulster University Economic Policy Centre has forecast that annual growth in NI will be 1.9% compared to a UK rate of 1.2%.