AQW 22678/17-22

Mr Stewart Dickson
Alliance Party
East Antrim

Tabled Date: 17/09/2021
Answered On Date: 18/01/2022
Priority Written: No

Question:
To ask the Minister for the Economy what alternative policy interventions were considered to stimulate consumer spending in Northern Ireland, prior to deciding to establish the High Street Stimulus scheme.

Answer:

My Department has been at the forefront of the Executive's response to the economic impacts of the pandemic. We have delivered unprecedented financial support that has enabled thousands of businesses to keep their doors open, secured tens of thousands of jobs and provided hope for families and communities.

We provided around a half a billion pounds to over 32,000 businesses through a number of essential support schemes, all of which were developed and delivered in unprecedented turnaround times.

With Invest Northern Ireland we introduced new schemes to support business and alongside Tourism NI we weighed in with support for that sector. We also provided much needed support for Higher and Further Education students.

Through the launch of the Executive’s supported Economic Recovery Action Plan (ERAP) in February past, my Department clearly and deliberately shifted its focus from crisis response to economic recovery.

At its heart of this is the High Street Scheme.

By providing every eligible adult in Northern Ireland with a pre-paid Spend Local £100 card, rather than implementing another grant scheme, means we will stimulate economic recovery on our local high streets and town centres and at the same time protect local jobs. The High Street Scheme means that 1.4 million people will receive and spend £140m in local businesses throughout Northern Ireland and shift consumer spending from online to physical locations.

There is also the multiplier effect by bringing many more customers back through the doors of local retail, hospitality and other sectors, and in leveraging spend over and above the £100 on the card by people who will use it as part payment for a larger purchase.