Further certainty on EU funding for hundreds of projects

Author

Olive Hill, Executive Director of Strategy
Invest NI
Oct 12, 2016

On 03 October the Chancellor provided further funding certainty, for projects which are reliant on EU funding.

This update in follows his announcement in August, which guaranteed funds for projects signed up until the Autumn Statement. The Chancellor has now extended this guarantee to the point at which the UK departs the EU.

The Chancellor confirmed that the government will guarantee EU funding for structural and investment fund projects, including agri-environment schemes, signed after the Autumn Statement and which will continue after we have left the EU.

 

He was clear, while the UK is still a member of the EU, British businesses, farmers and other organisations must be entitled to apply for EU funds.

Funding for projects will be honoured by the government, if they meet the following conditions:

  • they are good value for money
  • they are in line with domestic strategic priorities

Each government department will take responsibility for the allocation of money to projects in line with these conditions and the wider rules on public spending.

These conditions will be applied in such a way that the current pipeline of committed projects is not disrupted, including agri-environment schemes due to begin this January.

Where the devolved administrations sign up to structural and investment fund projects under their current EU budget allocation prior to Brexit, the government will ensure they are funded to meet these commitments.

Invest NI Customer Engagement

Immediately following the EU Referendum result, we contacted around 1,000 of our customers, to discuss their views on the key issues which they believed would impact on their business. Now, some four months on, we will be contacting you again to ensure that we are fully aware of any emerging issues. If you have a particular issue you would like to raise, please contact your Client Manager.

Invest NI Business Engagement

We continue to seek out opportunities for Northern Ireland businesses to meet with key influencers and negotiators of the UK’s exit from the EU. On the 27th September we hosted a round table breakfast discussion with a number of our customers and Shan Morgan, the UK’s Deputy Permanent Representative in the EU. Shan will have a direct role with the Commission as negotiations proceed and our customers provided excellent feedback on specific Northern Ireland implications and put forward potential solutions. This engagement builds on meetings with Ministers from the Department of Business, Energy and Industrial Strategy and Minister's from the Department of International Trade.

We also continue to meet with the business representative bodies including CBI, CEF, FSB, IOD and the Northern Ireland Chamber of Commerce.

While many of the issues raised are similar to those raised by our customers additional comments include:

  • Importance of developing relationships beyond Whitehall, including the European Commission, Republic of Ireland and other member states
  • Need to progress with Corporation Tax to reduce uncertainty
  • Call for positive messaging on Northern Ireland from all business sectors
  • Ensuring that the implications of Brexit do not get lost amongst other UK wide issues

Read more
EU Referendum Guide
EU Referendum: How Invest NI can help
EU Referendum: What Invest NI can offer
EU Referendum Results: Frequently asked questions

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