Posted on Monday 2 December 2019 by Ulster Business
Continued Brexit uncertainty and a lack of confidence is continuing to put off investment and business decisions here, one bank chief has said.
Mark Crimmins has now taken over the role in charge of Ulster Bank in Northern Ireland. He says while generally, the bank is at “stability point now” and “facing normal banking challenges” that the wider economy continues to face challenges.
“Overall, in terms of economic performance, it’s a tricky time,” he said. “If you look at the various data sets, such as our PMI or others, the indicators are that we are facing a lack of confidence and arguably looking at the early stages of recession.”
He’s taking over in the role as Northern Ireland and the rest of the UK head towards another Brexit deadline at the end of January, with some form of a deal to avoid a hard border appearing a more likely outcome.
“It’s going to be the best/worst deal,” he says. “There is no question that there is a lack of confidence around business and investment decisions. That goes from our small farmers, right through to our multi-nationals.
“When we see what the outcome of a deal looks like, that will give businesses certainty from top to bottom as to what the impact will be. There is hope that there may be some latent investment demand going in to 2020 and 2021.”
Read the full interview with Mark Crimmins in December's edition of Ulster Business.