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Economy in the North narrowly avoids Brexit recession - Murphy

22 November, 2019 - by Conor Murphy


Sinn Féin Economy Spokesperson, Conor Murphy MLA, has said today that the economy in the North of Ireland has narrowly avoided a Brexit recession that would have put vulnerable workers and communities at risk.

The Newry & Armagh MLA was speaking following the publication of Ulster Bank's October PMI Report, which pointed to a bleak outlook for the local economy in the midst of further Brexit disruption and uncertainty.

Conor Murphy MLA said:

"Today's economic indicators published by Ulster Bank point to grim post-Brexit prospects for the economy in the North.

"While there has been very slight bounceback for local manufacturers after their worst quarter in over a decade, the overall sentiment among local firms is downbeat.

"Output, exports and employment continue their eight-month decline, while new orders for businesses in the north are lower than any region in Britain.

"All of this has to be seen in a British context of Brexit-created economic decline and stagnation.

"Britain has only narrowly avoided a recession this quarter, and annual growth is predicted to be the slowest since the financial crisis a decade ago.

"Moreover, the British economy remains one of the slowest growing and least productive economies in the developed world, and this is before any departure from the EU.

"The economy in the north, and the livelihoods of workers and communities here, cannot be pinned to the prospects of post-Brexit Britain.

"The future for the northern economy is closer integration and cooperation with the all-island economy as a move towards a new and prosperous Ireland inside the EU."

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