Record £ 15 billion a year for Northern Ireland – India Education | Latest Education News | Global education news
The Chancellor today announced Barnett-based funding for the executive of Â£ 15bn per year – offering the largest annual funding settlement since devolution more than 20 years ago. This includes a spending increase of Â£ 1.6bn per year, as part of a budget and spending review that strengthens the economy across the UK.
Rishi Sunak laid out a plan to meet the priorities of the people of Northern Ireland by investing in stronger public services, increasing opportunities, stimulating business growth and helping working families reduce the cost of life.
As part of the major spending plans, Northern Ireland will receive an average of Â£ 15bn per year in Barnett-based funding, which represents a 2.2% increase in the Irish executive’s budget from the North every year. The Northern Ireland executive will now receive around Â£ 121 per person for every Â£ 100 per person of equivalent UK government spending in England.
Chancellor of the Exchequer, Rishi Sunak said:
This is a budget for the whole of the UK. We focus on what matters most to the people of Northern Ireland: the health of their loved ones, access to world-class public services, jobs for the future and the fight against climate change.
The UK government is committed to increasing the opportunities and making Northern Ireland feel the strength of our Union with a record Â£ 15bn a year for the executive – we are better together as a only one UK.
We are also creating jobs with Â£ 70million for small businesses in Northern Ireland and a new trade and investment hub in Belfast, while ensuring the provision of public services across the country.
Northern Ireland Secretary of State Brandon Lewis said:
Today is an important time for Northern Ireland as the executive received its most important settlement ever granted to provide vital services such as health and education.
From Â£ 70million defending thousands of small and medium-sized businesses to Â£ 49million from Leveling Up and Community Ownership funds, the opportunities for Northern Ireland are immense.
We are committed to bringing Northern Ireland up to standard and today’s announcement reaffirms this, ensuring that we harness local talent and continue to deliver a stronger economy for all.
Targeted funding in Northern Ireland
In addition to record funding from the Northern Ireland executive, Northern Ireland will benefit from the UK government’s commitment to invest in people, jobs, communities and businesses. Targeted projects in Northern Ireland include:
Almost Â£ 50million will be invested in Northern Ireland to boost the post-pandemic recovery and strengthen the Northern Irish economy. This includes:
Â£ 49million from the Leveling Up Fund for 11 projects across Northern Ireland, including an electric vehicle charging network across the country, and the redevelopment of an abandoned Ministry of Defense site in Derry / Londonderry into an urban community farm.
Â£ 300,000 from the Community Ownership Fund for the Glens Digital Hub in Cushendall to protect this valuable community asset.
Providing Â£ 1bn to farmers and land managers and Â£ 9.3m to support fisheries.
The creation of a new trade and investment center in Belfast to develop trade for Northern Ireland.
Pursue the Â£ 400million New Deal for Northern Ireland by investing in infrastructure, stimulating economic growth, increasing the competitiveness of Northern Ireland and supporting the functioning of its businesses.
Thanks to our strong UK, Northern Ireland will benefit from:
A 50% reduction in customs duties on domestic air passengers for flights between England, Scotland, Wales and Northern Ireland and additional new funding of Â£ 22.5million in forecasting recommendations from the Union Connectivity Review, where we will work with decentralized administrations to improve UK-wide connectivity.
An additional Â£ 70million in funding for the British Business Bank to build on its existing programs in Northern Ireland, which are already helping businesses get the financing they need.
A new Â£ 1.4 billion UK global investment fund that will support investments directly in Northern Ireland.
A record Â£ 20 billion by 2024-25 in research and development supporting innovation in Northern Ireland.
Confirmation that funding will match at least the size of EU funds in Northern Ireland, each year through the UK Shared Prosperity Fund of over Â£ 2.6bn, which will invest in skills, people , businesses and communities, including through ‘Multiply’, a new adult math program that will provide people in Northern Ireland with essential math skills.
An increase in the national minimum wage of Â£ 9.50 an hour, with young people and apprentices also seeing increases.
Freeze on fuel taxes for the twelfth consecutive year, as well as a freeze on alcohol taxes and a freeze on excise duties on vehicles for heavy goods vehicles.
More information :
Â£ 300,000 will be allocated to the Glens Digital Hub in Cushendall from the first round of the Fund to protect the community’s valuable assets.
Explanation of Barnett’s formula.
For some measures, the UK government uses the financial assistance power of the UK Internal Market Act (UKIM) to invest directly in Northern Ireland for the benefit of local communities, businesses and individuals. This purchasing power allows the UK government to make investments in a more flexible, dynamic way and in partnership with local partners.
Upgrading Fund: Â£ 49m in total for 11 projects in the first tranche of Fund allocations:
Upgrade of the electric vehicle charging network in Northern Ireland.
The redevelopment of an abandoned Department of Defense site in Derry / Londonderry into an urban community farm.
Creation of a new biosciences research center at the University of Ulster.
Redevelopment of Portrush Recreation Grounds.
Redevelopment of the Dundonald International Ice Bowl.
Replacement of an old police station in Glengormley with a new business center.
Extension of the Antrim promenade in the city center.
Regeneration of the Daisyfield Community Sports Center.
Omagh Regenerating Health Center.
Extension of cycle paths through the Belfast City area.
Provision of new and modernized sports facilities in Castlederg.