It is understood the closures will take place next year, with no further changes to the branch network until “at least 2026”.

Three in Belfast, namely Kings Road, Ormeau Road and University Road will all close, along with Ballynahinch, Crumlin, Downpatrick, Glengormley, Lisnaskea, Lurgan and Waterside branches.

An Ulster Bank spokesperson said: “As with many industries, most of our customers are shifting to mobile and online banking, because it’s faster and easier for people to manage their financial lives.

“We understand and recognise that digital solutions aren’t right for everyone or every situation, and that when we close branches we have to make sure that no one is left behind.

“We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them.

“We will be investing over £3m across our branch network in the next two years, following £3.25m of investment in 2023. We will be making no further changes to our branch network until at least 2026.”

DEDICATED SUPPORT LINE

The spokesperson added that they know a branch closure “can be a worry”, particularly when customers are “uncomfortable or unable to use online banking services”.

“For many, all they need is a little help, which is why we have a dedicated support line for customers who are over 60 which is open 8am to 8pm seven days a week with shorter waiting times.

“Our Customer Care experts will be able to guide customers through how to register and use our online and mobile services. If customers require further support, our Customer Support Specialists are available to provide tailored support.

“But for some, moving online won’t be possible, which is why we have invested in our partnership with the Post Office to provide everyday face to face banking services local to our customers. When we close a branch, we are proactive in contacting and supporting our customers to ensure they can continue to bank with us in the way which suits them best.”

The post 10 Ulster Bank branches across Northern Ireland confirmed for closure next year first appeared on Neighbourhood Retailer.

The Association of Commercial Banknote Issuers (ACBI), on behalf of Bank of Ireland UK and Ulster Bank, has announced that all Northern Ireland paper £50 and paper £100 notes must be withdrawn from circulation by 29^th September 2023.

These are the last Northern Ireland issued paper banknotes that remain in circulation, marking a significant milestone in the transition to polymer bank notes.

The polymer banknotes of these denominations have been in circulation since their introduction here in February 2019.

All of the Northern Ireland banks involved have been swapping paper banknotes for the polymer counterparts, which are seen as providing significant benefits over paper, and with cutting-edge security features, makes them more difficult to counterfeit.

From Friday 29^th September retailers will refuse to accept the paper £50 and £100 notes from Bank of Ireland and Ulster Bank.

The ACBI is encouraging the public to spend or exchange any of these notes in advance of the upcoming deadline.

A spokesperson for the ACBI said: “Thanks to the work that the banks have already undertaken to swap older paper notes with more secure, environmentally friendly polymer notes, the majority of paper banknotes have already been replaced with polymer banknotes.”

Issuing banks will continue to accept all notes from their own customers, these can be either deposited into their bank account or exchanged for polymer notes. Other banks, building societies and the Post Office may continue to accept or exchange paper notes after 29^th September.

The post Deadline to use £50 and £100 paper banknotes approaching first appeared on Neighbourhood Retailer.

The April data, produced for Ulster Bank by S&P Global, showed that employment continued to rise markedly, with retailers leading the way in the recruitment drive.

Rates of both input cost and output price inflation softened again and suppliers’ delivery times shortened.

Northern Ireland’s private sector started the second quarter in the same way it ended the first, with businesses in expansion mode. Output, orders and employment all increased in April albeit the pace of growth eased relative to March.

‘Retailers led the way in the recruitment drive’

The trend of easing inflationary pressures continued last month with input costs rising at the weakest pace in almost two and a half years. Despite robust rates of wage inflation, all four sectors surveyed – retail, services, manufacturing and construction – continued to increase their staffing levels in April.

Retailers led the way in the recruitment drive, and April’s survey also revealed that firms saw supplier delivery times shorten for the first time since the question was introduced back in March 2021.

Overall, the steady improvement in the private sector is in stark contrast with the mounting difficulties within the public sector.

Ulster Bank chief economist Richard Ramsey said: “While higher wages and energy prices continued to push up input costs in April, the rate of inflation softened for the seventh consecutive month.

“For the first time since the question on suppliers’ delivery times was added to the survey in March 2021, vendor performance improved in April. Companies remained optimistic that output will continue to rise over the coming year, with confidence supported by improvements in new orders,” he added.

The post Growth sustained and activity up for third consecutive month first appeared on Neighbourhood Retailer.

Three of the four sectors (retail, manufacturing and services) surveyed all reported growth, while construction was the only NI sector not in expansion mode in March.

The latest report – produced for Ulster Bank by S&P Global – pointed to growth gaining momentum in the private sector, while rates of inflation in both input costs and output prices continued to ease.

Ulster Bank chief economist Richard Ramsey said that business activity accelerated at its fastest pace in a year, with only London recording a sharper rate of growth.

“February’s report was summed up in the word ‘improvement’ and March was something of a rerun of this, with almost every indicator improving further on the previous month,” he said.

Inflationary pressures continued to ease in March and were at their weakest pace in over two years, but the pace of cost and price rises was still above the pre-pandemic long-term average.

“Another encouraging sign is that supplier delivery times for retail, manufacturing and construction shortened in March reflecting that global supply chains are returning to some kind of normality.

“Whilst we are seeing notable short-term improvements, and firms are relatively optimistic for the year ahead, there are lots of challenges that will impact on future growth,” he added.

“The slowdown in the global economy is one factor, but the outlook for the public finances is also bleak and this is compounded by the ongoing lack of a functioning Stormont Executive. Meanwhile, households will continue to battle with a cost-of-living crisis.”

The headline seasonally adjusted Business Activity Index rose to 54.9 in March from 52.2 in February. The reading indicated a sharper expansion in output in the private sector, and one that was the fastest for a year.

‘Whilst we are seeing notable short-term improvements, there are lots of challenges that will impact on future growth’

In fact, the rise in Northern Ireland was the second-sharpest of the 12 monitored areas of the UK, behind only London.

Panellists reported that higher sales amid improvements in customer confidence and demand had been behind the increase in output. Growth was seen in three of the four monitored sectors, the exception being construction. Retail posted the fastest increase.

Total new orders also expanded at the fastest pace for a year in March, the survey found, while new orders ticked higher for a second month running.

Firms ramped up hiring in March, in response to higher new orders, a solid build-up in backlogs of work and confidence in the outlook. Moreover, the rate of job creation was the joint-fastest in the survey’s history, and the latest increase was the fastest seen across all of the UK areas covered.

The post Momentum in local economy continues to build: Ulster Bank survey first appeared on Neighbourhood Retailer.

The report, produced for Ulster Bank by S&P Global, signalled a return to growth in February, without both output and new orders increasing amid signs of demand improving.

As such, business confidence strengthened and employment growth quickened. Meanwhile, price and supply pressures continued to ease.

The monthly report surveys approximately 200 firms, focusing on factors including employment, new orders and exports. Private sector firms reported their first rise in output and new orders in 10 months.

NOTABLE IMPROVEMENT

Richard Ramsey said all 10 indicators of local business conditions “improved in February relative to the previous month”.

“A notable improvement in the economic conditions within Northern Ireland’s export markets helped lift export orders in February, following four years of continuous decline,” said Richard.

“The recovery in international demand aided a return to growth in output and orders for manufacturers. Meanwhile, retail’s recent resurgence continued.

“The completed rollout of the £600 energy grant, coupled with cross-border shoppers from the Republic of Ireland, continues to provide a boost for the retail sector.

“Conversely, construction and services posted a further fall in output last month.”

‘Expectations for output in 12 months’ time hit a 12-month high which represents the highest level of confidence since Russia’s invasion of Ukraine’

Richard highlighted this latest improvement happened before the unveiling of the Windsor Framework, adding that there may be “further rises in sentiment in the coming months if it is accepted more universally than the NI Protocol was”.

“Time will tell,” he added.

He said it was “encouraging” to see a surge in optimism in February across all four surveyed sectors – retail, construction, manufacturing and services.

“Expectations for output in 12 months’ time hit a 12-month high which represents the highest level of confidence since Russia’s invasion of Ukraine,” he said.

The headline seasonally adjusted Business Activity Index posted 52.2 in February, moving back above the 50.0 no-change mark for the first time in 10 months, following a reading of 45.3 in January.

Higher new orders also boosted business confidence, which reached a one-year high. With workloads and confidence improving, companies expanded their staffing levels at a solid pace, with the rate of job creation quickening to the highest in 15 months.

The post NI economy showing signs of improvement: PMI survey first appeared on Neighbourhood Retailer.