Northern Ireland is facing swingeing financial cutbacks the likes of which have not been seen in 40 years.

As if there could be any doubt in the post-general election period, the Stormont Finance Minister has said that NI must be prepared to face cuts as tough as those in the 1970s.

But, Sammy Wilson also said that the Stormont Executive should continue to support long-term sustainable economic growth, and quoted an example of where such support is needed.

During a visit to the port facilities in Warrenpoint Harbour this week - where he met with the Port's Chief Executive, Peter Conway - Minister Wilson said: "Northern Ireland's ports represent a key strategic asset, which benefits not only industry but also the wider public interest through their ability to drive economic growth.

"It is therefore essential that these continue to be successfully managed as they attract inward investment, enable our business to access overseas markets and make a significant contribution to economic growth and long term prosperity."

He continued: "As announced last week, the public sector faces an additional budgetary reduction of £128m, with further constraints possible, as a result of the 2010 Spending Review.

"It is essential that the NI Executive continues to focus investment on areas which not only represent sound value for money but also deliver long-term economic growth.

"The Executive faces difficult decisions in the coming years, but it remains my position that inefficiency in public services must be tackled to enable resources to be allocated to essential front line services and investment in our infrastructure," he said.

Then, on foot of his Co Down statement, the Minister went further and insisted that no department 'would be immune' from the massive reductions in public expenditure - and that it would be as bad as those imposed in the 1970s.

Speaking yesterday at Belfast City Hall, Mr Wilson also appeared to perform a 'U-turn' on one of his earlier statements and said water charges were inevitable after departments had cut their budgets.

"I think that most people recognise that if they are getting water as a service, then just like any other service they're going to pay for it."

Last month Mr Wilson said water charges were unlikely to be introduced before April 2012.

(BMcC/GK)