Oral Answers to Questions

Debate between Hilary Benn and Sorcha Eastwood

Wednesday 15th January 2025 Commons Chamber

[Hilary Benn]

There have already been discussions with businesses in Northern Ireland about the part they can play in the industrial strategy. Cyber-security is a really good example of the huge strength of the Northern Ireland economy; many companies, including from the United States of America, are investing in Northern Ireland because of the skill and expertise to be found.

[Sorcha Eastwood (Lagan Valley) (Alliance)]

I thank the Secretary of State and the Minister for their responses so far. One response highlighted Northern Ireland as having dual market access. On that basis, do they agree that initiatives such as the Dublin-Belfast economic corridor in my constituency need support so that we can make the most of our economic opportunities?

[Hilary Benn]

I do indeed think that the Belfast economic corridor is a really good thing. We support it, and I look forward to seeing it develop and succeed.

Oral Answers to Questions

Debate between Hilary Benn and Sorcha Eastwood

Wednesday 24th July 2024 Commons Chamber

[Hilary Benn]

I agree with my hon. Friend. The facts speak for themselves: a year and three quarters since we were awarded the wonderful opportunity to host the Euros, nothing has happened on the project.

[Sorcha Eastwood (Lagan Valley) (Alliance)]

3. Whether he has had discussions with the Chancellor of the Exchequer on a revised financial formula for Northern Ireland.

[Jim Shannon (Strangford) (DUP)]

9. If he will have discussions with the Chancellor of the Exchequer on reforming the Barnett formula for Northern Ireland.

[The Secretary of State for Northern Ireland (Hilary Benn)]

The interim fiscal framework agreed earlier this year introduced a needs-based funding formula set at 124% of spending per head in England, based on the advice of the Northern Ireland Fiscal Council, and we are committed to taking forward these discussions with the Executive.

[Sorcha Eastwood]

I welcome the Secretary of State to his place, and look forward to working with him in his new role. Fixing Northern Ireland’s financial framework is crucial to ensuring that our public services are properly resourced, and indeed that impacts on my constituents in Lagan Valley. Will he ensure that any new arrangements are fully baselined and informed by independent expert analysis?

[Hilary Benn]

The Northern Ireland Fiscal Council was set up to help to answer the question about what the need is in Northern Ireland. It came up with a range of between 121% and 127%, and opted for 124% in the middle. The fact that that was in the interim fiscal framework that the previous Government negotiated is welcome, and was welcomed by the Finance Minister in Northern Ireland. We are committed to taking those discussions forward, and I understand that the Finance Minister in the Executive has already met the new Chief Secretary to the Treasury.