Finance Minister says EU funding assurances ‘not enough’

Northern Ireland’s Finance Minister Máirtin Ó Muilleoir has said that short-term assurances by the Chancellor around post-Brexit EU funding “do not go far enough”.

According to the Treasury, EU structural and investment projects in Northern Ireland signed before the Chancellor's Autumn Statement will be guaranteed after the UK’s exit from the European Union.

“We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive,” Chancellor Philip Hammond said.

“That's why I am confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave.

“The Government will also match the current level of agricultural funding until 2020, providing certainty to our agricultural community, who play a vital role in our country.”

Despite the promise of the British Prime Minister to act in the interests of all, there has been no attempt to consult with myself, the Executive or the Irish Government, about the best way forward in relation to European funds.

Finance Minister Máirtin Ó Muilleoir

However, Mr Ó Muilleoir said: “Prior to the referendum, the European Union had agreed to contribute over €1.2bn to Structural and Investment Fund programmes in the north scheduled to run between 2014 and 2020.

“This includes contributions to the cross border PEACE IV and INTERREG VA Programmes.

“The decision today not to underwrite that sum in relation to EU funds from now to 2020 is a setback to the economy and a failure by the British government to match European support for the peace process.”

He added: “While the decision to honour letters of offer issued up to November will help some applicants for EU funds, it will leave a question mark over scores of other vital projects and means potentially up to £300m of future funding is in peril.”

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