The UK Government has set out a funding package worth more than £1.5 billion for the Northern Ireland Executive.

Sir Chris Bryant, the Secretary of State for Northern Ireland, confirmed the details after discussions with Executive parties and the Chief Secretary to the Treasury. He called on ministers to accept the support and finalise a budget to end uncertainty facing public services.

The offer covers the issues raised during talks and includes:

- £1.25bn in additional funding for the Executive over three years

- £150m to transform public services

- £100m for social housing

- £75m to address fraud and error in the benefit system

Sir Chris Bryant said the package represents a major contribution from the UK Government to help the Executive settle a budget at a time of significant strain on the public finances.

Sir Chris Bryant said: "I cannot emphasise enough how tight the financial situation is and the pressure on the public finances. "It represents more than £1.5bn extra funding at a time when nearly all other government departments are being required to make significant savings.

"It gives the Executive the chance to manage its immediate pressures, and move towards a more sustainable footing. Not just this, it supports them in delivering much-needed transformation of public services, and to invest in social housing.

"I am urging the Party Leaders and the Executive to get around the table and work out with us how we can put together a balanced budget as a matter of urgency based on these figures.

"I am keen to get a resolution to this as soon as possible as it has already gone on far too long. People in Northern Ireland are being left in limbo, and the consistent message I hear when I meet people from across society is that they want to see the stalemate over the budget ended.

"But that requires the Executive to recognise the financial landscape across the UK, and do its bit, to find efficiencies and to raise additional revenue."