Enterprise NI hits out at Chancellor's mini-budget

The chief executive of Enterprise NI, Michael McQuillan has said that the lack of any mention or obvious progress around support for start-ups or entrepreneurs in Northern Ireland in the face a funding cliff edge in the next six months is extremely worrying.

The alarm comes as the local enterprise network have now expressed serious concerns about the delivery of the proposed specific multi-million shared prosperity funding - which sets out to replace current structural funding support for start-ups, micro businesses and entrepreneurs in NI.

This week a cross party group of MLAs said that future UK Government funding should go directly to the Local Enterprise Agency network as they are best placed to deliver for those starting a new business, creating jobs and economic prosperity here.

Michael reacted: “We have over 120,000 small and micro businesses operating across this country which provide jobs and sustain livelihoods for hundreds of thousands of people.

"The current trading environment, however, is extremely hostile to small businesses with the cost of doing business squeezing start-ups out before they even get off the ground.

“This is compounded by the fact that funding previously in place to support starts-up and entrepreneurs will be replaced under the Shared Prosperity Fund, as an outworking of Brexit arrangements. As yet, it is completely unclear how this funding will be distributed in NI, despite the fact that the Local Enterprise Agency network is best placed to do that.

“Only this week a cross party group of MLAs at Stormont expressed shock at the fact that a plan is still not in place to ensure that financial support for NI is now only being considered despite the transition period being just around the corner. We have heard time and again from this Government about levelling up and boosting economic prosperity and growth.

"There is now a prime opportunity to get the right level of funding directly to the Local Enterprise Agencies across Northern Ireland who have the experience and capabilities to do just that. We are now calling on all of our elected representatives to support the local enterprise network in its bid to the UK Government to secure direct financial support at this critical moment.”