10. Mr Kelly asked the Minister of Finance to detail the Barnett consequential allocation that the Executive received in the 2024 spring Budget. (AQO 243/22-27)

The spring Budget announced by the Chancellor on 6 March 2024 provided £99·4 million of additional resource DEL Barnett consequentials for the Executive in 2024-25. That is based on the current Barnett formula, which will need to be updated to reflect the new 124% as part of the restoration package. I have sought and received assurances from the Chief Secretary to the Treasury on that. I am also keen to see negotiations begin on the wider fiscal framework. That must include ensuring that the Executive receive an appropriate level of funding based on need.

Does the Minister believe that the Barnett consequentials must include the 24% needs-based factor?

The financial package that accompanied the Executive's restoration was clear that, from 2024-25, any uplift to the Executive's DEL budget through the Barnett formula would attract a 24% needs-based factor. Therefore, it has to be applied to the consequential received in the spring Budget. As I said, I sought and have been given assurances by the Chief Secretary to the Treasury that Treasury will work at pace with us over the coming weeks to agree the underlying methodology for the application of the formula. My officials have already begun engagement with Treasury officials on that.

We now move on to topical questions.