The government has said the financial package, to be officially announced on Wednesday as part of the Autumn Budget, will provide a “single point of contact” to solve disputes and guide businesses on trading in NI.<\/p>\n
What is in the package?<\/p>\n
The package comes months after recommendations from an independent review<\/a> of the Windsor Framework, led by Lord Murphy.<\/p>\n According to the Treasury, the package builds on that report’s findings and will allow for:<\/p>\n The creation of a Northern Ireland business concierge and trade resolution centre to sort out complex disputes<\/p>\n<\/li>\n A Northern Ireland AI goods adviser and regulatory hub to guide businesses on trading in Northern Ireland<\/p>\n<\/li>\n Funding for Intertrade UK to connect small and medium enterprises with investment opportunities<\/p>\n<\/li>\n<\/ul>\n A Treasury source said “this is about recognising Northern Ireland’s importance to the UK economy”.<\/p>\n “Northern Ireland’s SMEs (small to medium-sized enterprises) who need more help to realise the promise of dual market access and GB-based companies who want to capitalise on the UK-wide market will both see the benefit.<\/p>\n “Despite a tough fiscal situation, the chancellor sees this as an absolute priority.”<\/p>\n A Treasury source said the package is “about recognising Northern Ireland’s importance to the UK economy” [Getty Images]<\/p>\n The government’s funding announcement comes as Stormont ministers are already braced for potentially difficult news in the Budget.<\/p>\n Recent months have been dominated by media reports about which taxes could increase, with multiple potential measures floated by the government.<\/p>\n On Sunday, Stormont’s Finance Minister John O’Dowd said executive departments are facing a \u00a3400m overspend<\/a> based on current financial commitments.<\/p>\n O’Dowd said speculation and “confusion in messaging” ahead of the budget had been difficult for everyone.<\/p>\n He had previously warned<\/a> other executive ministers to be braced for the potential of cuts in the Autumn Budget.<\/p>\n The SDLP (Social Democratic and Labour Party), Stormont’s official opposition, has written to the chancellor arguing for “enhanced” fiscal powers for Northern Ireland to allow for better planning on a multi-year basis.<\/p>\n Its leader Claire Hanna said executive ministers “cannot continue to absolve themselves of any responsibility when it comes to the state of our public finances”.<\/p>\n What is the Windsor Framework? The Windsor Framework aimed to reduce checks and red tape on goods arriving in Northern Ireland from Great Britain [Getty Images]<\/p>\n After Brexit, Northern Ireland effectively remained in the EU’s single market for goods.<\/p>\n That meant new checks and controls have been applied to goods being sent from Great Britain to Northern Ireland.<\/p>\n It became known as the Irish Sea border.<\/p>\n This was originally governed by a UK-EU deal known as the Northern Ireland Protocol<\/a>.<\/p>\n\n
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