NI Chamber responds to Chancellor’s Budget statement

3rd Mar 2021

Responding to the Chancellor’s Budget statement, Ann McGregor, Chief Executive, Northern Ireland Chamber of Commerce and Industry (NI Chamber) said:

“Businesses will broadly welcome many aspects of today’s Budget, in particular the extension of the furlough scheme, which provides relief for firms facing enormous cash-flow pressures as a result of the pandemic.

“Providing additional, on-going financial support is critical for business survival. Restart Grants and the Recovery Loan Scheme will therefore play an important role in enabling firms to reopen safely and sustainably.

“The introduction of new incentives for business investment are also very welcome. The Super Deduction will give businesses which are performing well the confidence to make capital investments and enable them to play a part in Northern Ireland’s economic recovery, through creating jobs and developing exports.

“It is disappointing that within his Budget statement, the Chancellor made scant specific reference to Northern Ireland. Businesses here face a set of unique challenges post EU exit and there was no indication of any support measures to help them cope with this.

“The £410 million in additional funding for Northern Ireland is, however, welcome and we await further information from the Finance Minister as to how it will be spent.”