NI businesses urged to 'exploit potential'

Date: 30th September 2008

Small to medium enterprises (SMEs) in Northern Ireland have been urged to drive the country's economy for the next decade.

With the nation being hit hard by a slowdown in property and the credit crunch, one major industry figure has identified SMEs as the future of Northern Ireland's economy.

While larger corporations continue to struggle in the midst of the credit crisis, small firms are now encouraged to "out-think" the global competition.

Henry Ulvin, Ulster Bank's head of business banking, said: "SMEs need to discover the kind of innovation and enterprise that has driven … [larger] names and others to global success.

"Economic conditions are extremely challenging, but that doesn't mean SMEs should be sitting on their hands waiting for the economy to turn around."

He added that SMEs should begin preparing themselves so that they could be in the best possible position when the economy eventually does turn around.

Businesses in the UK have until October 31st to file their paper self-assessment tax return - or January 31st for the online return - to HM Revenue and Customs.