Today £400 million of new money has been guaranteed by the UK Government in a ‘New Deal for Northern Ireland’.
As part of the Northern Ireland Protocol, the UK Government committed to implement this ‘New Deal’ to help boost economic growth, increase Northern Ireland’s competitiveness and invest in infrastructure.
This substantial financial package is aimed at supporting businesses to operate after the Transition Period, whilst also ensuring that Northern Ireland is ready to seize the trade and investment opportunities ahead.
This package comes on top of the £650 million of UK Government investment announced in August to deliver the Trader Support Service, investment in new technology, and our contribution to the PEACE Plus Programme. It is in addition to funding that has been provided to meet costs from the UK’s obligations under the Northern Ireland Protocol. The UK Government also committed £2 billion to the NI Executive in January 2020 under the ‘New Decade, New Approach’ agreement.
Taken together, in a year which has also seen unprecedented increases in UK Government funding for the Northern Ireland Executive, this is the largest new investment the UK Government has committed to Northern Ireland and its trade, in any year, for decades.
Secretary of State for Northern Ireland, Brandon Lewis, said:
“The New Deal is wonderful news for Northern Ireland and underlines the UK Government’s commitment to supporting and protecting the interests of the people and businesses in Northern Ireland.
“Fostering economic growth and social cohesion is key to building a stable and prosperous future for Northern Ireland and this additional £400 million will support Northern Ireland after the end of the Transition period enabling NI businesses and its people to innovate and invest.
“As announced at the Spending Review, Northern Ireland will also benefit from more than £100 billion of capital investment across the UK in 2021/22. This includes the Gigabit and Shared Rural Network programmes for better mobile coverage, investment in new green industries and access to a £14.6 billion UK-wide research and development fund.
“I look forward to working with the Executive to deliver all of this funding, to continue to grow the economy, and support people and businesses across Northern Ireland.”
Chief Secretary to the Treasury Stephen Barclay added:
“This significant funding further reinforces the strength of UK action to support Northern Ireland. It builds on £900 million allocated at the Spending Review through the Barnett formula, which can be used to grow the economy, improve public services and support people and business across Northern Ireland. Protecting jobs and livelihoods in Northern Ireland remains a priority for the UK Government.”
Through this ‘New Deal’, we will:
- support initiatives to promote Northern Ireland’s goods and services to export markets from GB and Ireland to the rest of the world
- support the development of systems that will enable supermarkets and other small traders to manage the new trading arrangements and coordinate trade between Northern Ireland and Great Britain *ensure resilience in medicine supply chains
- promote Northern Ireland’s potential as a leader in innovative technology and invest in the skills of the people of Northern Ireland in key growth areas such as cybersecurity, fintech and green/clean technology
- invest in social development across Northern Ireland, strengthening social cohesion and building stronger, safer communities – including by supporting initiatives to enable children from different community backgrounds to be educated together
- improve the flow of goods and travel to and from Great Britain and across Northern Ireland, boosting access to opportunities
- enable Northern Ireland’s businesses to compete in the global market, driving forward future growth and prosperity