We wish all of our readers a Merry Christmas, to the tune of Away in a Manger. We’ll be back in January 2017.
Come gather, Dear Readers
For the last time this year
And enjoy what in our world
Represents Christmas cheer
We’ll tell of the economy
In twenty-sixteen
And we’ll start looking forward
To what next year might bring.
Here in Northern Ireland
Our economy grew
Our exports were rising
And wages were too
But when we look at inflation
And the prospects for growth
2017 promises to see
Near stagnation at most.
Right through the Springtime
There were many who feared
That the June referendum
Would make this a bad year
The Treasury warned us
Of a shock so profound
But the sole big effect’s
Been a fall in the pound.
Inflation is growing
Price pressures will rise
But there seems little prospect
Of rates doing likewise
In setting the balance
’Twixt inflation and growth
The MPC’s clear that
It wants more of both.
Sterling’s value has dropped
It seems bad news abounds
Life has got tougher
Though not in those border towns
But households will soon start
To feel a big squeeze
Disposable incomes eroded
From the benefits freeze.
Though it’s not all doom
After all it’s the season of cheer
Considering the context
2016 wasn’t a bad year
Yes we had Brexit
And the election of Trump
But the Northern Ireland economy
Isn’t down in the dumps.
Many cranes in the skyline
Belfast construction on the rise
Northern Ireland house-building
Has hit post-recession highs
And to this part of the world
Tourists continue to flock
Lots of shiny big cruise ships
Continue to dock.
Amongst the significant issues
For our economy to fix
Are poor productivity
And our business mix
We need more exporters
And innovators too
More people economically active
Less folk on the brew.
So growth may be feeble
Thro’ the course of next year
With inflation more frisky
At least that much seems clear
Then Article 50
We will come to invoke
Will it unleash potential
Or act as a choke?
A few verses of The NI Economy to Away in a Manger. Join in. And read the full thing at https://t.co/3jT8XiPMgJ pic.twitter.com/7y4CHYJzfW
— UlsterBank Economics (@UB_Economics) December 21, 2016