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Chancellor Rachel Reeves is scheduled to have discussions with Stormont ministers on Tuesday regarding strategies to boost the economy of Northern Ireland during her inaugural visit to Belfast. Alongside, she will be paying a visit to Studio Ulster, the largest film and TV virtual production studio in Northern Ireland, to assess the impact of government investment on the “creative industries”. It is worth noting that a significant portion of the funding for the £72m project was sourced from the government’s Belfast Region City Deal. The Chancellor is set to hold meetings with Finance Minister John O’Dowd and Deputy First Minister Emma Little-Pengelly throughout her visit.
Last September, Stormont’s first and deputy first minister held discussions with Reeves in an effort to advocate for more equitable funding for public services in Northern Ireland. Subsequently, the government faced backlash for its proposed changes to winter fuel payments and welfare reform, the reversals of which would have had significant consequences in Northern Ireland. In the most recent government Spending Review in June, the Chancellor unveiled a 2% increase in funding for the Stormont Executive for the upcoming year. Nevertheless, O’Dowd cautioned that Stormont would still be in a financially restricted position. Additionally, during her time in Belfast on Tuesday, Reeves is anticipated to make a visit related to defense and emphasize how the augmented defense spending across the UK will bolster job opportunities in Northern Ireland.
In line with her visit, Chancellor Rachel Reeves will engage in discussions with Stormont ministers to deliberate on strategies aimed at stimulating Northern Ireland’s economy. Concurrently, she will tour Studio Ulster, the largest film and TV virtual production studio in Northern Ireland, to evaluate the impact of governmental expenditure on the “creative industries”. A considerable portion of the funding for the £72m project was derived from the government’s Belfast Region City Deal. Her agenda also includes meetings with Finance Minister John O’Dowd and Deputy First Minister Emma Little-Pengelly throughout her visit.
The previous year, Stormont’s first and deputy first minister met with Reeves as part of a campaign for fairer funding for public services in Northern Ireland. Following this, the government encountered criticism for its proposed alterations to winter fuel payments and welfare reform, both of which were ultimately reversed due to their significant implications for Northern Ireland. During the recent government Spending Review in June, the Chancellor announced a 2% rise in funding for the Stormont Executive for the upcoming year. Despite this increment, O’Dowd cautioned that Stormont would remain in a financially constricted state. Moreover, Reeves is expected to engage in a defense-related visit during her time in Belfast on Tuesday, underscoring how the surge in defense spending across the UK will bolster employment opportunities in Northern Ireland
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