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23rd November 2017
Richard Ramsey
Chief Economist Northern Ireland
www.ulstereconomix.com
richard.ramsey@ulsterbankcm.com
Twitter @UB_Economics
The calm before the Brexterity storm?
Global economic recovery remains strong
The UK is in the slow lane for growth & fast lane for inflation
Productivity: Mind the Gap!
2017 has been a political cliff hanger. Roll on 2018!
Back in March the state of the public finances
wasn’t great!
1. Downgrades in Economic Growth
2. Productivity problems
2017 Chancellor breaks with tradition RE: tax hikes
3. More Borrowing….. £70bn more than stated in March!
4. But more spending too?...£660m for N.Ireland
5. Duty freezes & other gains to numb C.O.L squeeze
It has been a lost decade for N.Ireland earnings…
Chancellor focussed on the younger generation
6. Housing market - Phil the Chancellor can he fix it?
How does NI fare?
Home ownership has plummeted more in NI
Stimulating the FTB market in NI is less of a problem
… than jump starting the home mover market
£1,500£1,500
National Living
Wage
€/£
?
BREXIT?
But need to sort out the divorce first…
Slide 24
Disclaimer
This document is intended for clients of Ulster Bank Limited and Ulster Bank Ireland Limited (together and separately, "Ulster Bank") and is
not intended for any other person. It does not constitute an offer or invitation to purchase or sell any instrument or to provide any service in
any jurisdiction where the required authorisation is not held. Ulster Bank and/or its associates and/or its employees may have a position or
engage in transactions in any of the instruments mentioned.
The information including any opinions expressed and the pricing given, is indicative, and constitute our judgement at time of publication
and are subject to change without notice. The information contained herein should not be construed as advice, and is not intended to be
construed as such.
This publication provides only a brief review of the complex issues discussed and recipients should not rely on information contained here
without seeking specific advice on matters that concern them. Ulster Bank make no representations or warranties with respect to the
information and disclaim all liability for use the recipient or their advisors make of the information.
Over-the-counter (OTC) derivatives can involve a number of significant and complex risks which are dependent on the terms of the particular
transaction and your circumstances. In the event the market has moved against the transaction you have undertaken, you may incur
substantial costs if you wish to close out your position.
Calls may be recorded.

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Brexit and NI economy outlook

  • 1. 23rd November 2017 Richard Ramsey Chief Economist Northern Ireland www.ulstereconomix.com richard.ramsey@ulsterbankcm.com Twitter @UB_Economics The calm before the Brexterity storm?
  • 2. Global economic recovery remains strong
  • 3. The UK is in the slow lane for growth & fast lane for inflation
  • 5. 2017 has been a political cliff hanger. Roll on 2018!
  • 6.
  • 7. Back in March the state of the public finances wasn’t great!
  • 8. 1. Downgrades in Economic Growth
  • 10. 2017 Chancellor breaks with tradition RE: tax hikes
  • 11. 3. More Borrowing….. £70bn more than stated in March!
  • 12. 4. But more spending too?...£660m for N.Ireland
  • 13. 5. Duty freezes & other gains to numb C.O.L squeeze
  • 14. It has been a lost decade for N.Ireland earnings…
  • 15. Chancellor focussed on the younger generation
  • 16. 6. Housing market - Phil the Chancellor can he fix it?
  • 17. How does NI fare?
  • 18. Home ownership has plummeted more in NI
  • 19. Stimulating the FTB market in NI is less of a problem
  • 20. … than jump starting the home mover market
  • 22. But need to sort out the divorce first…
  • 23.
  • 24. Slide 24 Disclaimer This document is intended for clients of Ulster Bank Limited and Ulster Bank Ireland Limited (together and separately, "Ulster Bank") and is not intended for any other person. It does not constitute an offer or invitation to purchase or sell any instrument or to provide any service in any jurisdiction where the required authorisation is not held. Ulster Bank and/or its associates and/or its employees may have a position or engage in transactions in any of the instruments mentioned. The information including any opinions expressed and the pricing given, is indicative, and constitute our judgement at time of publication and are subject to change without notice. The information contained herein should not be construed as advice, and is not intended to be construed as such. This publication provides only a brief review of the complex issues discussed and recipients should not rely on information contained here without seeking specific advice on matters that concern them. Ulster Bank make no representations or warranties with respect to the information and disclaim all liability for use the recipient or their advisors make of the information. Over-the-counter (OTC) derivatives can involve a number of significant and complex risks which are dependent on the terms of the particular transaction and your circumstances. In the event the market has moved against the transaction you have undertaken, you may incur substantial costs if you wish to close out your position. Calls may be recorded.