To ask the Minister for the Economy, pursuant to AQW 16219/22-27, why the running costs of Invest NI offices in GB and Europe increased by over £800,000 between the 2022-23 and 2023-24 financial years.

Following the ease of Covid restrictions, eight vacancies in the British and Europe team were filled and their employment commenced during the first few months of the 2023-24 financial year. In addition, five vacancies were filled during the second half of the 2022-23 financial year, they were in post the entire 2023-24 financial year and therefore, the expenditure reported for 2023-24 includes their annual salary costs in full. As a result of an increase in headcount, office overheads incurred in the 2023-24 financial year were also higher.

The above were the main reasons leading to an increase in the running costs of Invest NI offices in Britain and Europe between the 2022-23 and 2023-24 financial years.