Fears of job losses and business closures amid bleak economic warning

Retail NI has warned that businesses may face a cliff edge in the first half of 2025, as all National Insurance, living wage and business rates are set to increase.

As shoppers hit the high street on Christmas Eve for a last-minute dash, retailers said they're hoping to take in as much as possible to cushion against challenges in the new year.

"April does worry me," Glyn Roberts from Retail NI told UTV.

"With so many increases coming at the one time it really does worry me. I think it will cause significant challenges, not only for the retail sector, but for all our small businesses.

"It will disproportionately hit Northern Ireland the hardest, because we have a higher density of small businesses that no other part of the UK has."

It comes as official figures show a less than impressive picture.

While it had initially been thought there was a small amount of growth in recent months, that figure has been revised down, with the economy flatlining.

Some believe a recession is looming, with surveys showing industry expects a steep decline in the first quarter of the new year.

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