6. Mr Chambers asked the Minister of Finance whether she has plans to bring revenue-raising schemes to the Executive for their consideration. (AQO 239/22-27)

The Executive recognise the need for fiscal sustainability and, as part of a new fiscal framework, will want to look at all options to deliver efficiencies, generate revenue, enhance borrowing powers and examine fiscal devolution. The main revenue-raising measure that falls within my Department’s remit is the regional rate. The Executive recommended a 4% increase in the regional rate for 2024-25, which the Assembly passed on 12 March 2024 during the rates debate. That should be seen as a clear demonstration that the Executive recognise the need to deliver high-quality public services and ensure that our finances are on a more sustainable footing.

I thank the Minister. The Fiscal Council and the Fiscal Commission conducted detailed analysis and presented several outcomes. Has the Minister discarded those? If so, what does she plan to do to cover the growing fiscal gap?

The Secretary of State put forward a number of measures for consultation while the Executive were down. Departments will be in receipt of the responses to those in the next short while, and, certainly, I will consider the outworking of the consultation in respect of rates. As part of the consultation on the general finances for the North, we asked whether there were other revenue measures that could be considered. That is something that we will consider in the responses received.

Obviously, we do not want to be in a situation in which we put more regressive charges on the backs of workers and families who are already struggling with the cost of living. Our budgetary situation is a significant challenge. We will continue to make the case to the British Treasury and the British Government to be properly funded and to have a properly baselined funding framework on the basis of need. It has been recognised that we have been underfunded over the past number of years. Going forward, we need to be properly funded to deliver the high-quality public services that people deserve.

When will the Minister bring her paper on fiscal devolution to the Executive?

We are working through the Budget process, at the minute, so there is a good bit on the Department's plate, but it is something that I want to bring to the Executive in the near future. As part of the negotiations that we will have with Treasury about a future fiscal framework, it is important that we have an agreed Executive position around the types of powers that we would be seeking. It is something that we will progress in the next short while.