Budget 2023: The story so far

Foyle MLA, Sinéad McLaughlin (SDLP)  has called for the North-West to be named as one of the investment zones announced today by the British Chancellor.

Ms McLaughlin said: “If the British government is serious about creating investment zones in Northern Ireland, then there is no doubt in my mind that the first priority for one such zone should be the North-West, with Derry as its capital.

 “It will take deliberate and intentional policies to start to address the impact of decades of chronic neglect and under-investment suffered by Derry and the wider region and an investment zone would contribute to that work.

 “An investment zone for our region is really a no-brainer and I will be writing to the British Chancellor and Secretary of State for Northern Ireland to express this view and lobby for investment in our city and region.”

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Ms McLaughlin’s call followed British Chancellor Jeremy Hunt’s Budget announcement of new £80m local government and university investment zones for the North.

Speaking in Westminster this afternoon, he said there would be at least one new investment zone in the North, which could avail of £80 million to “catalyse new innovation clusters in a bold and imaginative partnership between local government and a university”.

Mr Hunt said: “To be chosen, each area must identify a location where they can offer a bold and imaginative partnership between local government and a university or research institute in a way that catalyses new innovation clusters.

“If the application is successful, they will have access to £80 million of support for a range of interventions including skills, infrastructure, tax reliefs and business rates retention.”

The investment zones will be delivered in support of the British Government’s stated aim of ‘levelling up by attracting new private sector investment’.

He added: “The government is launching the refocused Investment Zones programme to catalyse 12 high-potential knowledge-intensive growth clusters across the UK, including 4 across Scotland, Wales and Northern Ireland.

“Each cluster will drive the growth of at least one of our key future sectors - green industries, digital technologies, life sciences, creative industries and advanced manufacturing – bringing investment into areas which have underperformed economically.”

“The Department for Levelling Up, Housing and Communities is working closely with the devolved administrations to establish how

"The final design choices and agreement on an Investment Zone in Northern Ireland will be subject to the restoration of the Northern Ireland Executive. The £80m will come in the form of various interventions including ‘tax reliefs and grant funding.’”