Brexit: Financial Implications

Oral Answers to Questions — Office of the First Minister and deputy First Minister – in the Northern Ireland Assembly at 2:30 pm on 1 February 2016.

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Photo of Gerry Kelly Gerry Kelly Sinn Féin 2:30, 1 February 2016

T3. Mr G Kelly asked the First Minister and deputy First Minister to expand on the financial implications of Britain exiting the European Union, given that this region is a net beneficiary of the EU. (AQT 3403/11-16)

Photo of Martin McGuinness Martin McGuinness Sinn Féin

The financial implications are absolutely massive for us, not least for our farming community. The North of Ireland is a net beneficiary of the European Union. We have received significant support from the EU through a number of funding programmes to which, in the event of a Brexit, we would no longer have access. They include structural and regional development funds, comprising the European regional development fund, the European social fund, INTERREG and the Peace IV programme, which are worth €982 million over the period 2014-2020. Loss of that funding would be severely detrimental to society here and would be devastating for our local economy.

We would also lose access to funding under the common agricultural policy, which is worth approximately €2·5 billion in the 2014-2020 period. That represents a massive investment in the sector. We all recognise the importance of the agriculture sector to our economy and our rural communities, and CAP funding has been vital to its sustained growth and development for years. Furthermore, there is the potential loss of access to competitive EU funding, which, in the period 2011-12 to 2014-15, amounted to over €95 million. That would be a huge blow, particularly to the business sector and research and development, which are central to developing the economy.

Photo of Gerry Kelly Gerry Kelly Sinn Féin

Gabhaim buíochas leis an LeasChéad-Aire as a fhreagra go dtí seo. I thank the deputy First Minister for his answer. Given what he said, does he feel that the British Government have kept the devolved regions up to date on the negotiations and involved them in them?

Photo of Martin McGuinness Martin McGuinness Sinn Féin

I cannot say that they have. My answer to the previous question addressed the issue; the British Government have informed but not involved or consulted OFMDFM on their negotiations on EU membership.

That is probably true of Scotland and of Wales.