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Northern Ireland will benefit from over £250 million infrastructure capital funding which will enable the Executive to invest in key infrastructure projects to support future growth.

The main rate of corporation tax has already been cut from 28% in 2010 to 20%, and will be cut again to 17% by 2020, by far the lowest in the G20 and benefitting over 1 million businesses.

The Government’s position is clear. This is a prerogative power and one that can be exercised by the Government, and we aim to prove that in the Supreme Court. Both Houses of Parliament legislated for the referendum, with cross-party support, and it was clear that it was for the people to decide whether to remain in the EU or leave it.

Today’s announcement represents a crucial step in the formation of the NIC. Providing a clear remit and a long-term funding guideline for British infrastructure will help this country plan for the long term and deliver the systems and networks we need to compete.

On top of that, £1.4 billion will be used to provide 40,000 new affordable homes, including some for shared ownership and some for affordable rent. And another £1.7 billion will be used to speed up the construction of new homes on public sector land.