Business industry grows in the North

FERMANAGH business owners and entrepreneurs have been left feeling optimistic after it was revealed that the private sector in the North “performed particularly strongly” in August.

While many households and families are still feeling the pinch, the business industry is growing throughout the North, with a reported majority of the population currently employed and in work.

BBC News reports that, according to the Quarterly Employment Survey (QES), the number of jobs in the North for June increased to a new record high of a welcome 826,130.

Sebastian Burnside, the Chief Economist at NatWest which owns Ulster Bank, told BBC News that the new findings are a positive sign for the economy and business industry in the North.

“The Northern Ireland manufacturing sector performed particularly strongly in August, posting sharper increases in production, new orders, employment and backlogs of work,” he said.

“One other thing to note was a first increase in new export orders in almost a year-and-a-half, in a sign that international sales are starting to join the party and provide a boost to overall growth.’’

While the business industry is steadily growing, many households are still under pressure.

The Office for National Statistics recently confirmed that inflation levels rose up to 2.2 per cent for July, which was a concern for the UK Government who said the’re committed to reducing the rate.

While the rate of inflation has risen over the past month, the level is lower than expected by the Bank of England, and senior economists, according to news agency Reuters.

Chief Secretary to the UK Treasury, Darren Jones, told Sky News that the UK Government remains committed to lowering the rate of inflation and cost of essential items for local residents.

“The new government is under no illusion as to the scale of the challenge we have inherited, with many families still struggling with the cost of living,” he said.

“That is why we are taking the tough decisions now to fix the foundations of our economy so we can rebuild Britain and make every part of the country better off.”

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