How Northern Ireland fared in Chancellor's spring budget and what was the reaction

Chancellor Jeremy Hunt delivered the annual Spring budget in the House of Commons on Wednesday with ambitions to support people in getting back to work.

Mr Hunt said his measures will make the UK "one of the most prosperous in the world" while also "harnessing British ingenuity to make us a science and tech superpower". Opening his Budget statement, he said the UK economy was "proving the doubters wrong" and with “stability and sound money” a technical recession would be avoided this year. But Labour leader Sir Keir Starmer said the chancellor was "dressing up stagnation as stability", claiming the Budget put the country "on a path of managed decline". But what has been announced for Northern Ireland?

'Investment zone' to be set up in Northern Ireland

An 'investment zone', likened to the financial and business district of Canary Wharf in London, could be built in Northern Ireland.

However, this will only become a reality if a functioning Executive is working at Stormont - a crucial detail.

Northern Ireland will be able to avail of at least one of these zones.

The initiative will be backed by £80million of funding over a five-year period. Eight areas have been earmarked in England including Greater Manchester, Liverpool and the East Midlands.

£130m to be given to Northern Ireland Executive

The Chancellor announced extra funding for the Northern Ireland executive - that is on top of the block grant.

£130m has been allocated for broad use by the Executive as part of the Barnett-based consequential.

This money will be allocated over two years.

Funding announced to tackle paramilitarism in communities

Another £3m has been allocated to funding the Tackling Paramilitarism programme.

The programme was set up to "break the cycle of paramilitary activity and organised crime", according to the Department of Justice in Northern Ireland.

The Government says this money will allow the programme to be extended.

£194,000 has also been announced towards a Community Building that will run a range of community support services in Londonderry. 

More money for further and higher education

An additional £40m will be invested in attracting students to FE colleges and Northern Ireland's universities.

Duty on price of a pint to drop

The price Northern Ireland pub-goers will pay on the price of a pint will drop by 11p. The Chancellor, in announcing the measure for the whole of the UK said the change will apply to "every pub in Northern Ireland" due to the Windsor Framework.

What is applicable to England but not Northern Ireland?

The Chancellor announced an expansion to childcare in England, offering parents and guardians of nine-month to two-year-olds, 30 hours of free childcare.

That is in a bid to get more people back to work and into employment.

The benefit is not available in Northern Ireland. But it is expected NI would benefit financially from the measure, but how the money is spent is uncertain given the lack of power sharing.

Those claiming Universal Credit in Northern Ireland will be able to get a payment upfront at a new rate to compensate for the change in England.

Fuel duty will remain frozen for people in Northern Ireland and the energy price cap guarantee will remain in force to help households in the cost-of-living crisis.

How have trade bodies reacted to the Budget?

Retail NI's chief Glyn Roberts has called on the Government to apply the same childcare proposals in Northern Ireland.

The money given to the Executive instead - he said - must not end up in "the bottomless black hole of Stormont".

Mr Roberts welcomed investment in higher education as well as the potential investment of a new Investment Zone.

Londonderry Chamber of Commerce says the Chancellor's decision to raise Coporation Tax - the tax on a company's profits and money gained from the sale of assets - will create an 'uneven playing field'.

Selina Horshi says investment in the north-west of Northern Ireland from other countries could be affected because of the rise. Currently, businesses in the Republic of Ireland pay 12.5% - half of the proposed new rate in the UK.

Ms Horshi did welcome investment in third-level education while also urging parties to return to an Executive at Stormont.

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