Fiscal Framework

Part of Oral Answers to Questions — Finance – in the Northern Ireland Assembly at 2:00 pm on 7 May 2024.

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Photo of Caoimhe Archibald Caoimhe Archibald Sinn Féin 2:00, 7 May 2024

Thank you. Obviously, as part of the financial package, the British Government indicated that there should be revenue-raising of £113 million, which is tied to the write-off of the £559 million overspend from last year. The Executive do not accept that that should be a condition, given that the overspend accrued because we were being funded below our level of need. As a Finance Minister, I do not want to be in the position next year of losing £559 million from our block grant. In making the case to the Chief Secretary to the Treasury that we had limited levers to raise revenue, that period has been extended to 24 months.

On the issues around the funding for the Windsor framework, Departments make bids to us and then to Treasury, so Treasury pays for the arrangement. Up until now, the arrangement is that Treasury funds the elements of the Windsor framework. We anticipate that that will continue and that we will see that in the June monitoring round.