This document seeks to update on progress made across the economic pact since it was signed in 2013.
The economic pact update shows joint commitment to a better connected, more prosperous and stable Northern Ireland, making it easier for businesses to flourish, tourists to visit, and children to thrive.
The 2016 progress report shows the wide variety of measures that have been enacted by the Government and Executive since the publication of June 2013’s economic pact – Building a Prosperous and United Community. The pact set out a series of measures to support the Government and Executive aim to rebalance the Northern Ireland economy and build a shared future.
The 2016 progress report updates successes on the pact’s commitments including measures to give businesses better access to finance and to promote Northern Ireland as a great place to invest. It also includes investment in shared schools, small businesses and local community projects.
Secretary of State Theresa Villiers welcomed the update saying:
This update demonstrates welcome progress on economic and shared future initiatives, which will help create a stronger, more secure future for Northern Ireland. By working together the Government and the Executive have achieved significant successes including bringing £60 million in additional finance to Northern Ireland businesses, providing additional borrowing for shared education projects, and boosting ‘green investment’ by £70 million.
The successes demonstrated in this report show that the Government’s long term economic plan is working, and delivering for the people in Northern Ireland.
- 59 surplus MoD houses to be gifted to the Northern Ireland Executive.
- Government funding for a space propulsion test facility in Crossgar as well as a further €5.5 million for engine design in Northern Ireland.
- £70 million worth of investment into projects in Northern Ireland by the Green Investment Bank.
- The announcement of two new Northern Ireland flight routes, benefitting from Start-up support from the Regional Air Connectivity Fund.
- The launch of the British-Irish visa scheme to China and India, which allows recipients to travel to both Ireland and Northern Ireland on the same visa.
- Corporation Tax (Northern Ireland) Act 2015 – the potential devolution of corporation tax could bring benefits for an estimated 34,000 Northern Ireland companies.