The UK Government is providing £2 billion of funding to support implementation of the New Decade, New Approach deal. This includes a £1bn Barnett-based investment guarantee from the UK Government, which includes significant new funding to turbocharge infrastructure investment. This guarantee applies in all circumstances, and allows the Executive to plan new investment.
From the other £1bn in capital and resource funding, the UK Government has provided the NI Executive with £523m in 2020/21, in addition to the £30m in 2019/20, which was released to support pay parity for nurses.
The New Decade, New Approach financial package was accompanied by stringent conditions to deliver a greater level of accountability for public spending and ensure the new Executive is building sustainable public services. This includes the establishment of an Independent Fiscal Council that will play an important role in improving transparency and fiscal performance. Subject to these conditions being fulfilled, there will be a further £447m released to the Executive over the next four years. This will be for; public service transformation, nurses’ pay, ultra-low emission transport, support for the Northern Ireland Graduate Entry Medical School and funding to address NI’s unique circumstances.