The chair of the Skills Strategy Advisory Group has welcomed news of £400m to help support NI businesses after the Brexit transition period.
Northern Ireland Secretary of State Brandon Lewis has announced £400m of new support to help businesses adjust to the end of the Brexit transition period. The announcement comes just over two weeks before the transition period is set to end, and with most businesses in Northern Ireland still lacking financial support and guidance on how to prepare.
A survey by Derry Chamber of Commerce back in July showed that over 70% of businesses were not sufficiently prepared for the end of the transition period, which comes into effect on December 31st. Plans still aren't clear regarding how businesses that trade across the Irish border or how trade between Northern Ireland and Great Britain will work.
RELATED: Derry Chamber of Commerce warns less than 30% of businesses are prepared for Brexit
As part of the Northern Ireland Protocol, the UK Government has announced a "New Deal" initiative including £400m of new funding to support businesses after the transition period ends. It will be used to help businesses adjust to the new operating environment (which isn't yet known), and to support local innovation and investment.
The Skills Strategy Advisory Group welcomed the announcement and highlighted the impact that it will have on our high-growth tech scene. Part of the funding will be used to invest in skills in key areas such as cyber-security, FinTech, and green energy. The group provides advice to the Department for the Economy on the development of the Northern Ireland Skills Strategy.
RELATED: 'The future is bright' for Deloitte higher level apprenticeship graduates
The group's chair Jackie Henry said: "I welcome the announcement of the £400m package for NI and in particular the commitment to invest in the skills of the people of Northern Ireland in key growth areas such as cybersecurity, fintech and green technology. As an urgent priority I believe the Northern Ireland Executive should commit to creating a ringfenced skills fund to support urgent investment in these priority growth areas."
Source: Written based on press release
