Finance Ministers from devolved adminstations meet to discuss Brexit vote

Finance Ministers from Northern Ireland, Scotland and Wales have agreed to work together to "speak with one voice" in discussions with the UK Government over their shared financial concerns including future budget allocations following their first post-referendum meeting.

The North's Minister of Finance Máirtín Ó Muilleoir, Welsh Government Cabinet Secretary for Finance Mark Drakeford, and Scottish Government Finance Secretary Derek Mackay met in Cardiff on Monday.

Mr Ó Muilleoir said all three share similar concerns in light of the Brexit vote.

“It is vital that the interests of the people across the devolved administrations are protected and that we work together on areas of common interest.

"Together we are seeking assurances from the Westminster Government around budgets and that the levels of current significant EU investment will be sustained.

“Obviously the potential economic impact on the border region in the North of Ireland, which has greatly benefited from European funding is of particular concern,” he added.

The Welsh Government Cabinet Secretary for Finance said the referendum decision has resulted in uncertainties for all of the devolved administrations.

“It is clear that it will have an impact on the UK’s fiscal position and this will inevitably impact on our devolved budgets.

"Wales is a net beneficiary from the European Union with the millions of pounds we receive helping people into work and training, supporting businesses and regenerating communities. The UK Government must now guarantee that Wales will not lose a penny of this crucial funding as a result of leaving the EU," Mr Drakeford said.

Meanwhile the Scottish minister for finance said his government is still committed to finding a way to remain part of the EU.

“We remain unclear on the likely impact of Brexit on UK Government finances, and we are already seeing the UK Government suggest changes to future spending plans as well as considerable concern over the economy and investment levels,” Mr Mackay added.

All three ministers have written to the UK Chancellor George Osborne to ask for an urgent meeting.