It comes as a monthly survey by Ulster Bank suggests Northern Ireland’s private sector continued to grow strongly last month.

Every month the bank asks firms across the private sector about things like staffing levels, order books and exports in what is considered to be a reliable indicator of economic performance.

In October, business activity rose at the fastest pace of any UK region, new orders increased as did employment.

NatWest chief economist Sebastian Burnside said: “Northern Ireland remained a standout performer across the UK, posting the fastest increases in output and employment.

“The latter rose solidly, despite ongoing reports from firms of difficulties recruiting staff amid a shortage of suitable candidates.

“Despite the continued growth in the private sector, business sentiment dropped to the weakest in the year-to-date.

“The survey was conducted prior to the Budget and so we’ll be able to see next month what impact, if any, the changes to taxation and spending have on local company confidence.”