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08/03/2017
NI To Receive £120m Additional Funding In Budget
Northern Ireland is to receive additional funding of almost £120 million in the Spring Budget.
Chancellor Philip Hammond unveiled the details in the House of Commons today, 07 March.
There will be an extra £90m through to 2019-20 and the capital budget will get an extra £30m through to 2020/21.
Stormont has not currently set a budget for 2017/18 as it is without an Executive.
Alliance Economy spokesperson Stephen Farry said the budget should be a "further reality check".
He said: "While Alliance is sceptical about some of the Chancellor's agenda, new spending and policy announcements are being made, which is in stark contrast to the stagnation here.
"While the additional Barnett Consequentials will help to manage some of the financial uncertainty arising from no local Budget, Northern Ireland at best is set for a year of just getting by, but without the opportunity to engage in the similar type of reforms and additional investments being made in other jurisdictions. In particular, we should note the further investments in skills and training, in social care and in infrastructure.
"Alliance urges caution around any sense of self-congratulation around the economic figures. These figures do not reflect the impact of the actual departure of the UK from the EU, which will see a major readjustment to the GDP baseline, and they also do not take into consideration the disproportionate impact of Brexit economically and financially on Northern Ireland, given our level of dependence on European markets, the integrated supply-chains on the island, and the mobility of labour."
Ulster Unionist MP, Tom Elliott has said that upcoming spending decisions make establishing a Northern Ireland Executive "vital".
Mr Elliott said: "It is worth reflecting that this is the second financial statement by the Chancellor in a matter of months, while in Northern Ireland we still have not agreed a budget for the next financial year, which is only 3 weeks away. This creates a great deal of uncertainty for ordinary people, and is an indictment of the failure of the last Executive.
"While I appreciate that the Chancellor has tough choices to make, particularly as we prepare to leave the European Union, in today's budget it was disappointing to hear that National Insurance for self-employed people will rise from 9 to 11 percent by April 2019, which will add an additional burden on hard working families.
"More welcome is increasing investment in education, social care, and introducing plans for business rate relief. It was also encouraging to hear that some of the funding originally announced in Autumn Statement will be spent, including £200 million for fibre broadband. Investment in broadband infrastructure is a pressing issue, as only 52 percent of premises in rural parts of Northern Ireland have access to superfast broadband, leaving them significantly disadvantaged compared to those in urban areas.
"Additional spending announced in the budget today will mean almost an extra £120 million for the Northern Ireland block grant if an Executive is established out of the current political crisis."
(CD/LM)
Chancellor Philip Hammond unveiled the details in the House of Commons today, 07 March.
There will be an extra £90m through to 2019-20 and the capital budget will get an extra £30m through to 2020/21.
Stormont has not currently set a budget for 2017/18 as it is without an Executive.
Alliance Economy spokesperson Stephen Farry said the budget should be a "further reality check".
He said: "While Alliance is sceptical about some of the Chancellor's agenda, new spending and policy announcements are being made, which is in stark contrast to the stagnation here.
"While the additional Barnett Consequentials will help to manage some of the financial uncertainty arising from no local Budget, Northern Ireland at best is set for a year of just getting by, but without the opportunity to engage in the similar type of reforms and additional investments being made in other jurisdictions. In particular, we should note the further investments in skills and training, in social care and in infrastructure.
"Alliance urges caution around any sense of self-congratulation around the economic figures. These figures do not reflect the impact of the actual departure of the UK from the EU, which will see a major readjustment to the GDP baseline, and they also do not take into consideration the disproportionate impact of Brexit economically and financially on Northern Ireland, given our level of dependence on European markets, the integrated supply-chains on the island, and the mobility of labour."
Ulster Unionist MP, Tom Elliott has said that upcoming spending decisions make establishing a Northern Ireland Executive "vital".
Mr Elliott said: "It is worth reflecting that this is the second financial statement by the Chancellor in a matter of months, while in Northern Ireland we still have not agreed a budget for the next financial year, which is only 3 weeks away. This creates a great deal of uncertainty for ordinary people, and is an indictment of the failure of the last Executive.
"While I appreciate that the Chancellor has tough choices to make, particularly as we prepare to leave the European Union, in today's budget it was disappointing to hear that National Insurance for self-employed people will rise from 9 to 11 percent by April 2019, which will add an additional burden on hard working families.
"More welcome is increasing investment in education, social care, and introducing plans for business rate relief. It was also encouraging to hear that some of the funding originally announced in Autumn Statement will be spent, including £200 million for fibre broadband. Investment in broadband infrastructure is a pressing issue, as only 52 percent of premises in rural parts of Northern Ireland have access to superfast broadband, leaving them significantly disadvantaged compared to those in urban areas.
"Additional spending announced in the budget today will mean almost an extra £120 million for the Northern Ireland block grant if an Executive is established out of the current political crisis."
(CD/LM)
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