Spring Budget 2024 Northern Ireland: Retail NI and Chamber of Commerce see pluses and negatives in chancellor's plans

Retail NI Chief Executive Glyn Roberts said: “Overall, there are a number of positives for Northern Ireland in this Budget.

“Retail NI had been lobbying for the Long-Term Plan for Towns to extend to Northern Ireland and it is very welcome that Derry and Coleraine are set to benefit from this fund”.

“Raising the VAT registration to £90k, freezing the fuel duty and extending the UK Recovery Loan Scheme are all welcome announcements for our members.

“We will be seeking more detail from the Government on the £150m Enhanced Investment Zone proposal and how it will focus on areas of Northern Ireland that have had historical underinvestment. The Finance Minister needs also to set out how the additional £100m for Northern Ireland will be spent.”

However, the NI Chamber of Commerce and Industry was more critical. Chief Executive Suzanne Wylie said they had hoped to see "more significant pledges” to support businesses. "That is always best achieved through a partnership approach, which prioritises ambitious policymaking to appropriately match the scale of business ambition,” she said.

“Our member businesses are resilient; many are performing well and a majority entered 2024 with a positive outlook. However, they still face a challenging environment when it comes to costs and access to labour and this budget does not sufficiently tackle these issues head on.

“However, we welcome announcements to support global trade in Northern Ireland. Investment in specific manufacturing projects will benefit our growing life-sciences sector. Cuts to national insurance, which will help individual employees are also welcome, as is increasing the threshold for child benefit. However overall, this Statement was a missed opportunity to counter regional imbalances, provide the confidence needed to attract green investment and reduce barriers to attracting talent from around the globe."

Despite an additional £100m in Barnett Consequentials, the Executive will face significant challenges with its own funding shortfalls, she added.