Ó Muilleoir responds to Chancellor Hammond’s statement

Date published: 04 October 2016

Máirtín Ó Muilleoir has said a U-turn by the British Chancellor on his decision over EU structural and peace fund bids is welcome but will not do enough to offset the economic “turbulence” ahead.

Minister Ó Muilleoir said: “At meetings with the British Brexit Minister David Davis and in communications with the British Treasury, I have made clear the partial guarantee on funding did not go far enough. 

“I am pleased therefore that Mr Hammond has now seen sense and will underwrite all letters of offer made between now and when Brexit negotiations are concluded. Missing, however, is a guarantee on how European Union funding streams will be replaced in the future.

“I remain concerned that we are facing into economic turbulence at a time when the Conservative Government is cutting our resource budgets by 4% between now and 2020. Removing that threat to our budgets would be the single biggest stimulus the British Government could provide to ensure we can navigate the choppy economic waters ahead."

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