The SDLP has proposed a financial 'Triple lock' plan to help protect NI's public services.

Following a report from the Northern Ireland Fiscal Council (NIFC) that claimed NI Departments would need to find £800 million on cuts of additional revenue, SDLP Stormont Leader Matthew O'Toole highlighted the need to "take responsibility for our finances".

Under the proposal, the NIFC would report on Executive performance and have the power to compel any new Executive to respond to their findings with an action plan to address concerns.

South Belfast MLA Mr O'Toole said: "This stark warning from the NIFC would spell disaster for our public services, many of which are already at the point of collapse due to years of mismanagement and Tory austerity. Gutting the likes of our health service and education system is not the way to respond to this crisis, the SDLP has brought forward a constructive proposal that would not only protect our public services, but take the steps necessary to return our institutions to a sound financial footing."

Mr O'Toole said that the proposed 'Triple Lock' plan recognises the need to oppose harsh cuts while identifying the role that NIFC has to play in putting this situation right.

He continued: "We recognise the perilous financial situation we are in, but it will take more than blanket cuts and short-sighted revenue raising to reverse this situation. Our proposal recognises the need to take responsibility for our finances, but it cannot be done without the devolved institutions in place, a proper plan of financial assistance to allow us to implement the necessary reform and greater powers to control our own destiny when it comes to public finances."

Repeating their call for the DUP to "face reality and end their boycott", O'Toole concluded: "Every day the situation is worsening, our finances are at the mercy of the Tories, civil servants are being placed in an impossible position and everyone is suffering as result."