United Kingdom economic growth significant in Northern Ireland, as scrutinized by British chancellor, encompassing the entire nation in expansion strategies.
In a recent visit to Northern Ireland, Rachel Reeves, the Labour finance minister, commended the region's flourishing creative industry sector, particularly focusing on the world-class Studio Ulster in Belfast.
Opened in June 2025, Studio Ulster, a joint venture between Ulster University and the public sector, spans an impressive 75,000 square feet and is considered the UK's and even the world's most advanced virtual production facilities for video games, TV, or film production. The state-of-the-art studio is a significant contributor to Northern Ireland's growing filmmaking industry, attracting new types of productions and strengthening the region's creative economy.
The studio's success is partly due to substantial public investment, including a £310 million city and growth deal funding package that supports creative sector development. This investment has bolstered Northern Ireland's capacity to host larger and more diverse productions, leading to increased job creation, skills development, and infrastructure enhancement within the local industry.
Apart from Studio Ulster, Northern Ireland's screen sector benefits from initiatives by Northern Ireland Screen, which nurtures new talent through schemes like New Shorts Focus, supporting emerging resident writers and directors. The success of local projects in festivals such as the Galway Film Fleadh and partnerships with broadcasters like Channel 4 highlight Northern Ireland’s growing creative output and market reach.
Ms. Reeves also addressed the topic of agricultural property inheritance tax, stating that farmers with agricultural property worth more than £3 million should make a contribution in tax. However, she clarified that if a person owns agricultural property worth less than £3 million jointly with a partner, they will pay no inheritance tax when they pass the farm on. The proposed inheritance tax on agricultural property worth more than £3 million is half the rate that anybody else pays, at 20%, and is payable over 10 years interest-free.
During her visit, Ms. Reeves also discussed economic growth and opportunities, emphasising that all parts of the UK should be able to contribute to prosperity and benefit from economic growth. She mentioned that as defense spending increases to 3% and then 3.5% of GDP, it will result in more good jobs with decent wages in Northern Ireland.
Ms. Reeves is scheduled to meet deputy First Minister Emma Little-Pengelly and Finance Minister John O'Dowd later on Tuesday in Northern Ireland. The Chancellor also considers Northern Ireland crucial for the United Kingdom's growth, recognising its strategic importance within the UK's film industry ecosystem.
- The success of Studio Ulster, with its substantial public investment in policy-and-legislation, has considerably influenced the growth of Northern Ireland's filmmaking industry, demonstrating the impact of politics on the general-news.
- As the Chancellor considers Northern Ireland crucial for the United Kingdom's growth, the strategic importance of its advanced virtual production facilities in policy-and-legislation, such as Studio Ulster, underscores the significance of the region's creative economy in broader politics and general-news.
