Northern Ireland's economy minister Conor Murphy has allocated £45 million to local councils to support their economic development plans. This funding, part of a broader strategy to improve regional economic balance, aims to encourage collaboration between councils and other organizations to identify and pursue local economic priorities. Mr. Murphy highlighted the importance of both spending the money and fostering collective efforts to define economic needs. The regional balance policy also includes an overhaul of Invest NI, the economic development agency, to attract investment outside of Belfast, leveraging the rise of hybrid working models.
It is likely to be one of Conor Murphy's last actions as minister ahead of his expected election to the Seanad
However he said it was also intended to provide a focus for councils and other local organisations to work together to set their own priorities. Mr Murphy said that if inward investors were "fixated" on Belfast "we are not going to turn them away" but there were greater efforts to persuade people to set up in other areas.
Some employers are increasingly nervous about the legislation, fearing it will mean another increase in costs on top of the employers National Insurance increase imposed by Westminster. A report from the Pivotal think tank, published on Monday, said that while good progress had been made in some areas there had been "a tendency so far for the executive to be aspirational rather than specific in its plans".
ECONOMY INVESTMENT NORTHERN IRELAND REGIONAL DEVELOPMENT BUSINESS POLICY
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