What do the announcements in today’s autumn statement mean for Northern Ireland?
The Northern Ireland Executive will benefit from an additional £132m of capital spending following the Chancellor’s speech today.
The Executive will also be able to defer £50m of borrowing through the reinvestment and reform initiative from 2012-13 to 2014-15 to help support investment in the A5 road and the Carbon Price Floor exemption is intended to level the playing field with competitors in the Republic of Ireland.
The main developments for Northern Ireland are:
- 8,000 people to be lifted out of income tax and 615,000 more to pay less income tax as a result of Personal Allowance reforms.
- Cancelling the planned rise in fuel duty in January will reduce running costs for the 1.1 million motor vehicles in Northern Ireland, saving a typical driver £40 a year.
- £32 million research partnership for the Queen’s University Belfast Institute of Health Science.
- Derry/Londonderry to be in the second wave of super-connected cities.
- Business support measures will benefit 114,000 small and medium enterprises in Northern Ireland.