Stormont’s Minister for Finance, Caoimhe Archibald, has raised concerns about the current overspending of departments in Northern Ireland by £767 million. She stated that urgent action needs to be taken to address this financial challenge as it could have severe consequences. Despite expecting additional funding of around £500 million from the UK government, there would still be a significant funding gap.
The Minister emphasized the importance of balancing the budget to avoid the withdrawal of a previous offer to write off £559 million of debt. She highlighted that overspending would impact future funding and require repayments. Ms Archibald called for all ministers to adhere to their budget allocations to mitigate the financial risks.
In response to mounting financial pressures, the Minister proposed increasing departmental budgets based on estimated Barnett funding shares. She stressed the need for collaborative efforts within the Executive to achieve a balanced budget and secure adequate funding for public services.
Together with other Executive members, Ms Archibald will advocate for increased funding during her meeting with the Chancellor, demonstrating the need for effective leadership during challenging times.
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