The 841 businesses named in the report by Begbies Traynor in ‘critical financial distress is a rise of 13.5 per cent year on year, with hospitality and retail the biggest impacted sectors. Over 10,000 businesses have been declared as being in early financial distress.

“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,” said Lagan Valley MP Ms Eastwood.

“Unfortunately, this report appears to show the bad picture for local businesses is continuing, with many now fighting for their very survival. The uncertainty facing them seems set to continue, with the UK Government’s national insurance rise, VAT pressures and inflation all contributing.

“The hospitality and retail sectors in particular need more support, and should receive that in the Government’s next Budget later this year. 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.”