Finance Minister John O'Dowd has responded to the Spring Forecast statement, welcoming an additional £390 million in funding for the Executive while cautioning that the region's finances remains under significant strain.

In an oral statement to the Assembly, the Minister confirmed that the Treasury has committed the additional funds over the next three years. However, he emphasised that this uplift does not fully alleviate the severe budgetary pressures currently facing Northern Ireland.

"The Chancellor's confirmation that the Executive will receive an additional £390 million in funding over the next three years is to be welcomed," the Minister stated. "However, the reality is that severe pressures on the Executive's finances remain. As demand for public services has grown, so too has the cost of delivering the services our people rightly expect and deserve." Minister O'Dowd noted that he is persisting in discussions with the British Government to restore the stabilisation fund. He argued that such a fund is vital to stabilise public services and facilitate the long-term transformation required to meet future needs.

Addressing the current budgetary process, the Minister highlighted the importance of establishing a multi-year budget despite the difficult economic landscape. The public consultation on this multi-year budget reached its conclusion today.

The Minister added: "While significant challenges remain, it is essential we grasp the opportunity presented now to set a multi-year budget. The consultation on the multi-year budget closes today. As of lunchtime today, over 300 responses have been received. I want to thank those who have contributed to the consultation. I will continue to work in partnership with Ministerial colleagues to find a way forward on the multi-year budget to enable strategic investment that delivers lasting benefits for workers, families and businesses."