Finance Minister responds to Chancellor’s Summer Economic Update

Date published: 08 July 2020

Finance Minister, Conor Murphy has welcomed the additional £162m of funding towards the COVID-19 response but has warned it does not go far enough. 

Speaking following the Chancellor’s Summer Economic Update Minister Murphy said: “The announcement of an additional £46m for economic recovery as well as the further £116m confirmed by Treasury today for COVID-19 is a welcome boost towards the Executive’s COVID-19 response.

“It is important that we act quickly and I will be discussing the prioritisation of this funding with my Executive colleagues as a matter of urgency.

“The cut in the VAT rate and the Job Retention Bonus Scheme are also welcome measures, as is the Eat Out to Help Out discount scheme.

“However, the measures are not ambitious enough to spur economic recovery. COVID-19 will continue to have a dramatic impact on our economy for some time to come. What is needed is a comprehensive stimulus package. This unfortunately does not go far enough.”

Notes to editors: 

  1. The £116m includes the £33m announced recently by the Treasury for cultural support.
  2. For media queries contact the Department of Finance Press Office
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  4. The Executive Information Service operates an out of hours service for media enquiries 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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