Business

Invest NI projects not affected by Stormont impasse

Invest NI support for businesses in the north during this financial year will not be affected by the Stormont impasse
Invest NI support for businesses in the north during this financial year will not be affected by the Stormont impasse Invest NI support for businesses in the north during this financial year will not be affected by the Stormont impasse

THE current impasse at Stormont will not affect financial support offered to business projects by Invest NI in this financial year, it has been confirmed.

The Regional Development Agency is part of the Department for the Economy and provides government support for business by delivering its economic development strategies.

In the absence of a Budget Act, the permanent secretary of the Department of Finance David Sterling is currently in control of public finances in the interim period after Section 59 of the Northern Ireland Act 1998 was invoked last week.

As such, cash and resources are being released to government departments and this will ensure the services and support offered by Invest NI are maintained until a new administration is in place

A spokesperson for the Department for the Economy said: “Under the legislation the Department for Finance can allocate up to 75 per cent of the previous year’s budget, up to the end of July, as an interim measure to ensure services are maintained.

"The Department will continue to work with Invest Northern Ireland until such times as a budget is agreed.”

Last year Invest NI helped deliver £3 billion worth of employment related investment in the north and oversaw a 9.1 per cent growth in manufacturing exports from the 2014-15 baseline.