Treasury Agrees To Review How The Executive Is Funded

The Finance Minister, Dr Caoimhe Archibald MLA, has secured a commitment from the Treasury to conduct a review of how the Executive is funded.

Dr Archibald signed an Interim Fiscal Framework on behalf of the Executive in London with the Chief Secretary to the Treasury, Rt Hon Laura Trott MBE MP and the Secretary of State Rt Hon Chris Heaton-Harris MP.

Commenting on the framework, Dr Archibald said: "The signing of this Interim Fiscal Framework is a significant milestone as we work towards putting our finances onto a more sustainable footing so we can deliver the high-quality public services people expect and deserve.

"Following intensive and constructive negotiations I welcome Treasury's agreement to reviewing the approach to funding the Executive at the relevant Spending Review.

"This firm commitment from Treasury starts to address our concerns over a funding cliff edge once the financial package comes to an end in 2025/26.

"It provides assurances the Executive can plan on the assumption we will be funded at or above the 124% level of relative need in future financial years.
News Image
"Treasury has agreed to the 124% needs-based adjustment factor from Barnett consequentials being applied from the date of restoration of the Executive. This means a further £24 million from the Spring Budget will now be available for allocation as part of June monitoring. Any future Barnett in 2024/25 will be at this increased level meaning additional funding for public services here. Nevertheless, the budgetary position facing the Executive remains incredibly challenging. I have been and will continue making the case for increased levels of funding in public services.

Concluding the Finance Minister said: "I have been clear since taking up the role of Finance Minister of my determination to ensure our public services are fairly and properly funded.

"This job of work is far from over. Today's Framework which has been secured at pace is a step towards a full fiscal framework which is critical for long term sustainability.

"I will continue to work with the Chief Secretary to the Treasury on a final Fiscal Framework which ensures the Executive has the financial tools and necessary taxation levers to deliver sustainable public finances and public services for the people we serve."

Related Northern Ireland News Stories
Click here for the latest headlines.

11 June 2024
Public Urged To Help Inform Future Development Of Ebrington
The Executive Office (EO) has called for the public to help inform the the future development of Ebrington. A series of community information events have been planned in partnership with Derry City and Strabane District Council will provide updates on progress on the new museum at Ebrington.
04 April 2024
Public Health Agency Issues Bowel Cancer Awareness Info
The Public Health Agency (PHA) has urged people to be aware of the risks of bowel cancer and the two key actions – act when you notice symptoms, and take part in screening if eligible.
11 March 2024
SDLP Accuse Tories Of Being 'Far Removed From Reality'
The Spring Budget presented by Chancellor Jeremy Hunt demonstrates "how far removed from reality the Tories have become", SDLP Leader Colum Eastwood MP has said. Responding to the last weeks Budget announcements, the SDLP Leader has called for 2024 to be "the year to put an end to Conservative government".
11 March 2024
Minister Rejects Calls For Privatisation Of MOT Services
Infrastructure Minister, John O'Dowd, has ruled out any privatisation of MOT services in Northern Ireland, following calls for the adaption of system similar to that used in the UK.
07 March 2024
Health Minister Announces 'Public Listening Exercise' On Women's Health
The Department of Health is to undertake a large scale 'public listening exercise' to explore views and opinions on how best to address women's health in Northern Ireland.