Write a commentNewry Chamber of Commerce and Trade was one of four Chambers who have carried out a survey on the effect the Coronavirus crisis is having on local businesses.
The survey paints a bleak picture of the state of the economy across Northern Ireland as a result of the COVID-19 pandemic.
The survey of 250 business from a wide range of sectors including manufacturing, retail, hospitality and tourism, professional and legal services, business administration and support, technology and charities/social enterprises was carried out by Newry Chamber of Commerce and Trade, Belfast Chamber, Causeway Chamber and Londonderry Chamber of Commerce between 8 April and 11 April.
Survey Finds
The survey found that only 12% of businesses remain physically open with 43% of businesses closed and not trading at all and slightly over 1/3 of businesses have their staff working from home;
80% of businesses planning to use the Government’s Job Retention Scheme with nearly 6 out of 10 employees (58% in those businesses being furloughed. The sectors furloughing most workers are retail, charities/social enterprises, hospitality and tourism, and business administration and support.
Only 47% of those eligible for the £10,000 Executive's Grant Scheme have received their payment and fewer than 1 in 5 businesses (16%) have applied for a Government backed Coronavirus Business Interruption Loan.
Businesses have a real fear for the future
Newry Chamber Chief Executive Colm Shannon said “Our survey also found that many businesses have a real fear for the future, not just of their own firms but also the wider economy. Several respondents stated a desire to see the Government spell out when the lockdown might be lifted to allow businesses to better plan and for the economy to restart.
"Business also wants to see the Government develop a stimulus plan to attempt to prevent a likely recession from spiralling into a much deeper, longer term economic crisis with the Executive locally, working closely with the likes of Invest NI, local Councils, enterprise agencies and bodies such as InterTradeIreland to help aid recovery. This is an immense challenge for our economy both now and in the time ahead. Just as business needs Government help to get through this in the short term, our economy will require serious help from the Government and the Executive to help us rebuild”.
