Ulster Unionist Economy Spokesperson Diana Armstrong MLA has said that Northern Ireland must start building a more positive business environment following alarming new insolvency figures, which show bankruptcies rising from 91 in 2022/23 to 242 in 2024/25, and compulsory winding-up orders increasing from 33 to 126 over the same period. She warned that these figures reflect deepening economic pressures on Northern Ireland businesses.

Ulster Unionist Economy Spokesperson Diana Armstrong MLA commented,

“The latest figures from the Economy Minister paint a deeply worrying picture and are simply quite staggering of the economic pressures facing businesses in Northern Ireland. The sharp rise in bankruptcies and company winding up orders is not just a statistic, it’s a signal that local firms are being pushed to the brink. We urgently need a positive business environment with strong, sustained growth in business creation. 

“This trend reinforces what I’ve been saying for over 12 months, that the Chancellor’s tax on jobs, investment and growth is hurting our economy. Businesses are operating in increasingly difficult trading conditions, and instead of support, they’re being drowned out by the most anti-business Chancellor we’ve seen in years. Added to this is the VAT differential with the Republic of Ireland, which is creating serious challenges for the competitiveness of our hospitality and tourism sectors. We need to see movement to address this imbalance. 

“One thing that is clear is that we need to start building a more positive business environment in Northern Ireland and that must start with business rates reform. The Minister of Finance, John O’Dowd, must step up and deliver. I’ve also expressed deep concern regarding Minister Archibald’s Good Jobs Bill which is causing much significant apprehension across the business community.”