Economic Situation: Northern Ireland
(asked on 26th October 2021) - View Source
Question to the Northern Ireland Office:
To ask Her Majesty's Government what recent steps they have taken to support the economy of Northern Ireland.
Northern Ireland benefits hugely from being part of the fifth largest economy in the world. The UK Government is committed to levelling up across Northern Ireland, by promoting enterprise, creating jobs and attracting investment.
Northern Ireland will benefit from the UK Government's policies to level up the UK economy as a whole, such as the UK Shared Prosperity Fund, commitments to invest in Research and Development across the UK and support for local businesses.
During the Spending Review and Autumn Budget 2021, the Chancellor announced that the UK Government will provide the Northern Ireland Executive with an additional £1.6 billion per year on average through the Barnett formula on top of its annual baseline funding of £13.4 billion, along with an extra £235 million for 2021/22.
The Chancellor also announced that a total of £49 million has been allocated across 11 projects in Northern Ireland from the Levelling Up Fund, including; upgrading the electric vehicle charging network across Northern Ireland, the creation of a new bioscience research centre at Ulster University and the redevelopment of a derelict Ministry of Defence site in Derry/ Londonderry into an urban community farm.
The £400 million New Deal for Northern Ireland funding and £617 million provided through the City and Growth Deal programme will boost local growth and ensure Northern Ireland is ready to seize economic opportunities. These investments are on top of the £2 billion financial package through the New Decade, New Approach agreement and £730 million into the new PEACE PLUS programme.
Northern Ireland is also set to benefit from the UK Shared Prosperity Fund, which will help people access opportunity in places in need, such as deprived towns and rural and coastal communities. The UKSPF will increase to £1.5 billion / year in 2024-25 and total funding will at a minimum match the size of EU Funds in all nations, each year.