The government is to provide an additional £300 million in funding to the Northern Ireland executive, which is going to be vital in supporting all the people, businesses and public services that have been terribly affected by the pandemic, which has been raging for nearly 12 months now.
Flexible Arrangements For The Funding
In more good news, the terms of using this further funding are fairly flexible, meaning that the Northern Ireland Executive will be able to carry over any of the £300 million not spent this year into the 2021/22 financial year on top of their existing tools to transfer funding between years.
Let`s hope that this money is used wisely so that people are kept safe, businesses are provided with the funding to keep trading until conditions become easier and public services are there to support everyone who desperately requires them.
Northern Ireland Executive Has Vital Role To Play
Quoted on the Gov.UK website about this funding, Chief Secretary to the Treasury Steve Barclay said:
“UK Treasury schemes such as furlough, support for the self-employed and business loans have helped to protect jobs and livelihoods across Northern Ireland.
“But we recognise that the Northern Ireland Executive also has a vital role to play, which is why we are continuing to give them the resources and flexibility they need to support people and businesses through this pandemic.
“I would urge the Executive to use this additional £300 million to help those most in need in Northern Ireland.”
Unprecedented Levels Of Funding
And Northern Ireland Secretary Brandon Lewis said:
“The UK Government has stood side by side with people and businesses across Northern Ireland throughout the coronavirus pandemic – shielding them from its worst effects.
“The Northern Ireland Executive has received unprecedented levels of funding from the UK Government this year and this additional money, which can be carried over into the next financial year, will give the Executive the certainty and flexibility to deliver on its priorities for the benefit of all in Northern Ireland.”
No doubt we will find out in the not too distant future how businesses and organisations will be able to claim this further funding and we will certainly keep you updated on these developments here on our blogs so please keep checking them out.
Meanwhile if you need any help with your business, whether that be with tax issues, funding, bookkeeping, business planning or any other accountancy related issue please get in touch with our offices at the earliest opportunity on 028 3752 2909.