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Chancellor sets out St Andrews agreement funding package for Northern Ireland.
(From Government News Network (Was Hermes-Government Press Releases))
] HM TREASURY 82/06 1 November 2006 Chancellor sets out St Andrews agreement funding package for Northern Ireland
The Chancellor of the Exchequer, Gordon Brown MP, and Peter Hain, Secretary of State for Northern Ireland, today met leading members of the Northern Ireland parties to discuss the future economic progress of Northern Ireland. The meeting follows the commitment given by the British and Irish Governments in the St Andrews Agreement.
The Chancellor set out a funding package for the Northern Ireland Executive (NIE) worth GBP50 billion over the next ten years that could follow a final agreement. As part of the package, and in advance of the conclusion of the Comprehensive Spending Review, the Government would commit to at least GBP35 billion of funding for the NIE over the next four years. This would provide the incoming Northern Ireland Executive with certainty to plan public service delivery. To meet the long-term challenges faced by Northern Ireland, the Government would further support an updated GBP18 billion capital investment strategy to 2017.
NOTES FOR EDITORS
1. The Chancellor told the meeting that if a devolved administration returns, the Government would be prepared to agree, with the incoming Northern Ireland Executive, a long-term funding package.
2. The Government is prepared to offer this funding package in order to support the vision that the Government shares with the parties for Northern Ireland to create a world class, high skilled, modern and dynamic economy.
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