Yes vote crucial, say accountants

More than four in five Irish chartered accountants believe a Yes vote in the forthcoming Nice referendum is important for the future of the Republic's economy, according to an Institute of Chartered Accountants in Ireland survey.

The survey also reveals 73 per cent of chartered accountants are either "somewhat worried" or "very worried" about the state of the economy.

Of the 1,270 respondents, 53 per cent said a Yes vote was "very important" to the Republic's future economic performance, while 30 per cent said a ratification of Nice was "fairly important" for the economy. Just 14 per cent of respondents said the treaty was of "limited importance" and 3 per cent said it was of "no importance".

When asked to rate their confidence in the economy at present, just 1 per cent of respondents said they felt "very confident" and 26 per cent said they were "fairly confident". The majority of respondents were worried, with 63 per cent saying they were "somewhat worried" while 6 per cent said they were "very worried".

More than half, 51 per cent, believe overall economic conditions in Ireland will be worse in 12 months than today, while 37 per cent expect no change and 12 per cent forecast a deterioration in conditions.

When asked specifically about their own sectors, confidence levels amongst chartered accountants was mixed.

Overall, 7 per cent said they were "very confident" and 50 per cent said they were "fairly confident". However, 36 per cent of respondents said they were "somewhat worried" about their own sectors and 7 per cent said they were "very worried".

Confidence levels were strongest among those working in the financial services sector, with 67 per cent saying they were either "very confident" or "fairly confident" about prospects for the sector. Those working in IT had least confidence. Zero per cent said they were very confident with just 30 per cent fairly confident while 45 per cent were "somewhat worried" and 25 per cent were "very worried".