UK Treasury provides additional £300 million funding boost for Northern Ireland
The UK Government has provided the Northern Ireland Executive with an additional £300 million to support people, businesses and public services affected by coronavirus.
This funding brings the total allocated through the Barnett formula to the Northern Ireland Executive since the start of the pandemic to £3.3 billion.
In recognition of the exceptional circumstances and in response to calls for flexibility, the Northern Ireland Executive will be able to carry over any of the £300 million not spent this year into the 2021/22 financial year on top of their existing tools to transfer funding between years.
Chief Secretary to the Treasury Steve Barclay said:
“UK Treasury schemes such as furlough, support for the self-employed and business loans have helped to protect jobs and livelihoods across Northern Ireland.
“But we recognise that the Northern Ireland Executive also has a vital role to play, which is why we are continuing to give them the resources and flexibility they need to support people and businesses through this pandemic.
“I would urge the Executive to use this additional £300 million to help those most in need in Northern Ireland.
Northern Ireland Secretary Brandon Lewis said:
“The UK Government has stood side by side with people and businesses across Northern Ireland throughout the coronavirus pandemic - shielding them from its worst effects.
“The Northern Ireland Executive has received unprecedented levels of funding from the UK Government this year and this additional money, which can be carried over into the next financial year, will give the Executive the certainty and flexibility to deliver on its priorities for the benefit of all in Northern Ireland.”
Finance Minister, Conor Murphy has welcomed the announcement from Treasury.
Commenting Conor Murphy said:
“I welcome this additional £300 million which will be used towards our Covid-19 response.
“Along with Finance Ministers from Scotland and Wales I have been pressing Treasury for flexibility to carry funds into the next financial year given the continued demands there will be as a result of the pandemic.
“I’m pleased flexibility has been granted in relation to this funding which will ensure continued support for the health service, individuals and businesses in the tough months ahead.
“I will be discussing this funding with Executive colleagues at the earliest opportunity this week.”