Ulster Unionist Party Finance Spokesperson, Philip Smith MLA, has welcomed the announcement that multi-year EU grants will be guaranteed by the UK Government after Brexit.
The announcement was made by the Chancellor of the Exchequer, Philip Hammond, at the Conservative Party conference in Birmingham on Monday.
The Strangford MLA said:
“Today’s announcement by the Chancellor that multi-year EU funding for projects will be guaranteed after the UK has left the EU is to be welcomed, providing the funding is secured before Brexit occurs. This will increase confidence levels of businesses and the community & voluntary sector who are reliant on structural and investment funds.
“Some may wonder why the Chancellor didn’t take this step in August when he chose only to guarantee funds signed off before the Autumn statement, which would have meant the loss of a proportion of EU funds. However, we are relieved that today he has gone a step further.
“We do note the caveat that schemes must ‘meet UK priorities and value for money’, and hope that this does not become an obstacle for funding to be delivered.
“With Northern Ireland due to receive €323 million in PEACE and INTERREG funding in the current EU budget period, it is vital that the monies are guaranteed.
“While the UK Government are taking steps to reassure wider society about the potential implications of Brexit, the Northern Ireland Executive continue to be found wanting, with no leadership shown from the First Ministers who have no plan.
“Northern Ireland could be the worst affected, but least prepared.”