Economy Minister welcomes funding commitment for Economic Recovery Action Plan

Economy Minister Diane Dodds has welcomed the commitment from the Executive to provide £286.8million in additional funding to deliver her Economic Recovery Action Plan.

The money will be used to implement Minister Dodds’ ambitious plan to rebuild the Northern Ireland economy after the impact of the Covid-19 pandemic. The plan has already received strong support from leaders in the business, tourism and skills sectors. 

The Minister has also welcomed the reopening of outdoor retail from 12 April and Executive agreement to continue to fund the Large Hospitality and Tourism Business Support Scheme (LHTBSS).

Minister Dodds said:

“I am pleased to receive the Executive’s backing for my plan to repair and rebuild our economy. I will do everything I can to protect jobs and livelihoods.

“As we enter a new financial year, this commitment from the Executive will allow my Department to plan and avoid unnecessary delays in the delivery of vital support to both our businesses and citizens as we navigate our path to recovery.

“The actions set out in my plan will enable us to build a more competitive and inclusive economy as we recover from the impacts of this pandemic through investment in skills; stimulating research, development and innovation; promoting investment, trade and exports; and building a greener economy.

“Furthermore, the High Street Stimulus Scheme and Tourism Voucher Scheme will boost demand in our struggling towns, city centres and tourism sector.

“In relation to the agreement of my proposal to continue to fund the Large Hospitality and Tourism Business Support Scheme, this is very welcome and will be kept under review as we move towards reopening the sector. It is only fair that we support this hard hit sector during closure.

“I am also pleased that outdoor retail will reopen from 12 April. This is an important step forward in the reopening, rebuilding and recovery of our economy.”

Notes to editors: 

1. Two bids were submitted to the Department of Finance to fund the Economic Recovery Action Plan - £275.8million for resource funding and £11million in capital funding. 
2. The Economic Recovery Action Plan is available on the DfE website.
3. For media enquiries, contact the DfE Press Office at pressoffice@economy-ni.gov.uk
4. Follow us on Twitter @Economy_NI
5. The Executive Information Service operates an out of hours service for media enquiries only between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.

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