Mervyn Storey named as new Stormont finance minister

The post became vacant after Arlene Foster was named First Minister.

Mr Storey, 51, was the DUP’s minister for social development and is in turn being replaced by Lord Morrow.

This is Mr Storey’s third term as an assembly member for North Antrim.

The former Ballymoney councillor served as chairman of Stormont’s education committee until he was appointed to the Executive in September 2014.

CBI Northern Ireland Director, Nigel Smyth, said his members are particularly keen to see progress on the development of a strategy to maximise the benefits of a lower corporation tax - which he said has the potential to generate at least 30,000 additional jobs over the next 15 years.

“The business community will also look to the new minister to play a positive role in in preparing a new Programme for Government that is ambitious, strategic and outcome-focused, maintain the momentum of public sector reform, and deliver a pro-business reform of business rates,” he said.

Mrs Foster said her priority ahead of May’s Assembly election was to ensure minimal disruption to public services.

“We will have continuity of service and that’s what people want to see, they don’t want disruption in relation to public services, they want to see us continue to deliver and we will do that right up to election day.”

Mr Storey said he did not under estimate the challenges ahead.

“This year begins for Northern Ireland with a considerable degree of hope, we need to see the implementation of the budget, challenging as all that will be, to give to the economy and the financial structures of Northern Ireland that stability that they need.”

Lord Morrow served as social development minister over a decade ago.

He said: “I will apply myself with all my might to continue in the good work Mervyn has been doing in the weeks ahead.”