The SDLP Opposition leader has claimed that a new report highlights a significant lack of progress in improving how the Northern Ireland Executive sets its budget.

Matthew O'Toole MLA made the comments following the publication of a report by the NI Fiscal Council regarding the draft multi-year Budget. The Council described a recent £400 million reserve claim as "another de facto bailout" for the Executive.

The report suggests that this funding is being used to address a long-standing gap in the Executive's finances. It further noted that little has been achieved over the past two years in terms of public service transformation or the generation of additional local revenue.

Mr O'Toole argued that the failure to address these issues, combined with the absence of an agreed multi-year budget, reflects a failure by the Executive to deliver the changes promised when the institutions were restored two years ago. Matthew O'Toole MLA said: "Today's report highlights starkly that little or no progress has been made in changing the underlying problems with the NI Budget in the last two years. As the Fiscal Council indicates, the Executive is simply availing of the same balance transfer year after year rather than getting to grip with the fundamental challenges.

"Two years ago, the public were promised a clear plan to address our long-term challenges, backed with a plan to transform public services and get a grip of public finances. None of that has happened, and we arrive at the absurd situation we have today where the Sinn Féin Finance Minister harps on the evils of British austerity while inviting the Treasury in to scrutinise what is supposed to be devolved spending.

"And most frustrating of all, while enthusiastically shifting blame to London and each other, Executive parties cannot or will not agree a multi-year Budget to give some degree of certainty to public servants."