Northern Ireland's hospitality and retail sectors are in urgent need of support, according to Alliance MP Sorcha Eastwood, following a new report revealing that 841 businesses in the region are in "critical financial distress". The report by Begbies Traynor indicates a 13.5 per cent year-on-year rise in businesses facing imminent collapse, with over 10,000 more declared to be in early financial distress.

Lagan Valley MP Ms Eastwood highlighted that hospitality and retail are the sectors most severely impacted. "Alliance has repeatedly called for support for local businesses, in particular the hospitality sector, as they have been struggling for some time, especially since Covid," she said. Ms Eastwood warned that the challenging situation for local businesses appears to be worsening, with many now fighting for survival. She cited contributing factors such as the UK Government's national insurance rise, ongoing VAT pressures, and persistent inflation, which are all adding to the uncertainty.

"The hospitality and retail sectors in particular need more support, and should receive that in the Government's next Budget later this year," Ms Eastwood urged. "Without that, the sad reality is many of the businesses people enjoy will not make it to the end of the year. The sectors cannot afford any delay."

The call comes as businesses continue to navigate a difficult economic climate, with the rising cost of doing business impacting their viability across Northern Ireland.