Ulster Bank’s latest PMI report indicates the Northern Ireland private sector has contracted further.

It appears that ongoing uncertainty caused by Brexit has contributed to business sentiment dropping to a record low, posting 43.6 on the Business Activity Index.

Manufacturing appears to have been hit hard with a decline in new orders, ongoing reductions in backlogs of work and a reduction in employment levels. This is further proof that current political uncertainty and the global economic malaise is making life difficult for stalwart Northern Ireland manufacturers.

Now more than ever, it is essential to look at your business thoroughly for ways to boost income streams, such as through HMRC’s R&D tax credit initiatives. We would urge all manufacturers to reach out to a specialist R&D tax credit consultant such as Momentum to provide expert support in this regard.

Learn more about how Northern Ireland firms are “finally waking up” to R&D tax relief schemes.