To help cope with the trade effects of Brexit, Northern Ireland will receive an extra 400 million pounds, the government said.
It will help promote the goods and services of the country to export markets.
According to the Northern Ireland Office (NIO), the financial package would help companies work after the transition phase and ensure that they are able to “seize” potential trade and investment opportunities.
Brandon Lewis visited Wrightbus, a manufacturer based in Ballymena that has exported buses around the world (NIO/PA)
Brandon Lewis, Minister of Northern Ireland, said, “The new agreement is great news for Northern Ireland and underlines the commitment of the UK government to support and protect the interests of Northern Ireland’s people and businesses.”
“Promoting economic growth and social cohesion is key to building a stable and prosperous future for Northern Ireland, and this extra £400 million will support Northern Ireland after the end of the transition period and enable Northern Ireland’s businesses and people to innovate and invest.”
It will also use the extra cash to:
– Support the development of systems to allow supermarkets and other small traders to handle new trade agreements and to coordinate trade between Northern Ireland and the United Kingdom.
– Maintaining the resilience of supply chains for medicines;
– Supporting the potential of Northern Ireland as a leader in emerging technologies and investing in competencies in key growth areas such as cybersecurity, fintech and green/clean technology;
– Engaging in social development across Northern Ireland with a view to improving social cohesion and creating stronger, safer communities, including by encouraging measures to put together education for children from different communities;
– In order to increase access to opportunities, improve the flow of goods and travel to and from the UK and across Northern Ireland.
NI Secretary Brandon Lewis said the protocol helps secure pic.twitter.com/u3sIArTp9QQIArTp9QQ
-Michael Mchugh (@mmchugh02) 10/12/2020
In addition to the funds already provided for a scheme to assist businesses with customs declarations between the U.K. and Northern Ireland, the £ 400 million is.
“This significant funding underlines the strength of UK action to support Northern Ireland,” said Chief Treasury Secretary Stephen Barclay.
It builds on the £ 900 million allocated via the Barnett formula in the Spending Review, which can be used to develop the economy, enhance public services and help Northern Ireland’s citizens and businesses.
“Protecting jobs and livelihoods in Northern Ireland remains a priority for the UK government.”