Head of Tax at Baker Tilly Mooney Moore Angela Keery
Reacting to the NIESR publication on economic output and the Northern Ireland Protocol, Head of Tax at Baker Tilly Mooney Moore Angela Keery said:
“News today from the National Institute for Economic and Social Research (NIESR) of a temporary economic boost related to the Northern Ireland Protocol is welcome evidence of the positive impact the arrangement is having in many sectors. It is not often Northern Ireland outperforms the UK average, and this result is testament to the drive and ability of our business owners who are adapting to the circumstances, taking advantages where they can find them, and continuing to get the job done.”
“This boost will, however, be short lived without further investment in the region. The research clearly reflects what local businesses are telling us, which is that the overall uncertainty caused by the NI Protocol negotiations is dampening any opportunities offered up by dual-market access, and we are ultimately missing a window of opportunity. Perhaps even more concerning is the lack of economic forecasts around what will happen if moves are made to override the protocol at this stage. Surely, after over nineteen months of learning to work under the current arrangement, any significant withdrawal has the potential to have very detrimental effects on the economy.”