The SDLP Opposition has published a five-point plan outlining their proposals for a "better Budget" for Northern Ireland, announcing they will vote against the Executive's budget when it comes before the Assembly.

The plan includes several key proposals aimed at improving financial management and planning in the region. Among these are calls for:

• At least 10% of departmental spending to be ringfenced and matched to Programme for Government priorities.

• Securing greater Executive control over tax, borrowing, and spending powers.

• Creating a Northern Ireland Regional Investment Bank, modelled on the Scottish National Investment Bank, empowered to participate in co-financed and cross-border projects.

• Legislation for a Future Generations Act to embed long-term thinking into all government decision-making and spending. SDLP Leader of the Opposition Matthew O'Toole MLA sharply criticised the Executive's approach. "Last February the restored Executive promised much but so far has been marked by the same inaction and lack of ambition the public has become all too used to," Mr O'Toole said. "The Programme for Government was late and filled with gauzy aspiration but little by way of clear targets, and the Budget which followed has completely failed to match what few targets there are to specific resources."

Mr O'Toole accused Executive ministers, particularly successive Sinn Féin finance ministers, of being "only too keen to lump all the blame on the UK Government while doing next to nothing to take more fiscal power locally." He cited a nearly four-year-old Fiscal Commission report with suggestions for greater local power that has "sat on the shelf" while Ministers paid "empty lip service."

Given the "many public services in crisis, crumbling water infrastructure and environmental degradation," Mr O'Toole argued it is "vital that we take proper power locally to improve things for our citizens."

Confirming the party's stance on today's vote, he stated: "We will oppose today's listless, more of the same Budget from the Executive, but as a constructive Opposition we will also publish our own ideas for taking more responsibility and more power here – rather than simply blame a UK Government we know will rarely prioritise the interests of our citizens."