Building a Prosperous and United Community: Progress Report
(Limited Text - Ministerial Extracts only)
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The Secretary of State for Northern Ireland (Mrs Theresa Villiers)
Today the Government and Northern Ireland Executive have published a progress report on the Northern Ireland economic pact. The “Building a Prosperous and United Community: 2016 Progress Report”, highlights our successes since the economic pact was first signed in June 2013. I have placed a copy of this report in the Libraries of both Houses.
The Government and the Executive continue to work together to advance our shared aim to strengthen the private sector and rebalance the Northern Ireland economy. The economy is growing, there are 46,000 more people in employment today than in 2010, wages are up more than 5% over the year, and exports are up 4%.
Through the economic pact the Government and the Executive have helped deliver the Corporation Tax (Northern Ireland) Act 2015. This provides the legislation to devolve rate-setting powers to the Northern Ireland Assembly. The commencement of these powers is subject to the Executive demonstrating that their finances are on a sustainable footing for the long term. Through the Fresh Start agreement the Executive reaffirmed their commitment to take the necessary actions to demonstrate this and also set out its intention to have a Northern Ireland rate of 12.5% from April 2018.
Through the joint ministerial taskforce on banking and access to finance the Government have worked with the Executive to help deliver approximately £60 million in finances to Northern Ireland businesses. The Green Investment Bank has now committed to invest over £70 million to projects in Northern Ireland and over 450 start-up loans have been approved in Northern Ireland.
The Executive continue to make use of the additional borrowing the Government made available through the economic pact including to improve facilities at integrated primary schools and increased provision of shared housing. Last month the Ministry of Defence announced its intention to gift 59 surplus properties to the Executive. These properties will be used to increase the provision of shared housing and the Ministry of Defence will continue to explore whether it might be possible to transfer further surplus properties in the future.
The progress report also sets out the British-Irish visa scheme is now operating allowing recipients to travel to both Ireland and Northern Ireland on the same visa. There has now been approval for Government funding for a space propulsion test facility in Crossgar as well as a further €5.5 million for engine design in Northern Ireland. Furthermore the report sets out that Northern Ireland will significantly benefit from the Government’s regional air connectivity fund.
The economic pact sets out a new approach for the Government and the Executive to work more closely on our joint objectives. We will continue to work hard towards rebalancing the Northern Ireland economy and building a shared future.
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