NORTHERN IRELAND is set for a major economic boost as British Chancellor Rachel Reeves visits Belfast to confirm more than half a billion pounds in public and private investment.
The funding, aimed at strengthening the region’s long-term economic prospects, is part of the British government’s broader “Plan for Change” strategy.
At the heart of the announcement is £310 million in fresh funding for Northern Ireland’s City and Growth Deals, allocated to support key high-growth sectors such as advanced manufacturing, digital innovation and the creative industries.
Speaking during a visit to Studio Ulster, Reeves said the new investment was about “fixing the foundations” for a more prosperous future.
She praised Northern Ireland’s “talent and ambition”, citing its leadership in areas like film production and defence technology.
The Chancellor also unveiled £137 million in new funding to address issues related to terrorism, paramilitary activity and organised crime.
Officials say the aim is to create safer communities while encouraging further economic investment by removing barriers to growth.
In a major vote of confidence from the private sector, defence firm Thales confirmed a £100 million expansion at its Castlereagh site, which is expected to create up to 200 new jobs.
The company already employs around 900 people in the region, with the government’s broader commitment to increasing defence spending expected to further cement Northern Ireland’s role in the industry.
Reeves’ visit comes on the back of the largest funding package for the Northern Ireland Executive in real terms since the 1998 Belfast Agreement.
The settlement, which averages £19.3 billion annually until 2029, is designed to help stabilise public services and support ongoing economic development.
The Secretary of State for Northern Ireland, Hilary Benn, highlighted the region’s potential for growth, particularly given its access to both UK and EU markets.
He said the government remained committed to backing Northern Ireland through a mix of targeted investment and broader economic strategy.
Additional support is being directed toward innovation-led growth.
Belfast and Derry are set to share at least £30 million under the new Local Innovation Partnerships Fund, a £500 million British and Northern Irish initiative designed to empower regional leaders to develop local solutions for economic challenges.
Northern Ireland will also benefit from increased aerospace and research funding, supporting thousands of jobs across both sectors.
Studio Ulster’s Chief Executive, Professor Declan Keeney, said the investment was a vital recognition of the studio’s role in attracting global productions and training local talent.
Ulster University’s Vice-Chancellor, Professor Paul Bartholomew, described the development as a symbol of what’s possible when government, industry and education collaborate effectively.
Thales British Managing Director for Integrated Airspace Protection Systems, Nigel MacVean, also hailed the defence investment as a foundation for growth, saying it would help accelerate innovation and expand the company’s reach both within the Northern Ireland, Britain and globally.
See More: Northern Ireland, Rachel Reeves, Studio Ulster, Thales
