Menu
12/01/2010
'Money Matters' As MLA Business Continues
Despite the ongoing political 'crisis' over the Executive's First Minister and his wife's financial affairs, day-to-day Assembly business continues.
This morning, NI Finance Minister, Sammy Wilson (pictured) launched the Executive's draft revised spending plans.
He outlined how £367m is going to be cut from the NI budget next year and said that while water charges would continue to be deferred in 2010-11, it is at a cost of £213m to the Executive.
Cost-cutting measures include the Department of Health facing cuts of £113.5m and the Department of Regional Development facing cuts of £80.3m.
"Although the Executive has made significant progress in delivering the targets set out in the Programme for Government since the original Budget plans were set in January 2008, it also needs to be recognised that there have been significant changes in circumstances since then," he explained.
"I took the view last summer that pro-active early intervention was prudent to ensure that public finance remained in a sustainable position," he explained.
The Minister continued: "Although there are a broad range of financial pressures facing the Executive, the main issue is in terms of the further deferral of water and sewerage charges for domestic customers.
"Whilst this will save the average household some £400 from this element of their household bills, it also results in a cost of over £210m," he noted, adding that "there are further costs from the Civil Service Equal Pay Claim".
He said that whilst measures have been taken to provide greater scope for the Executive to respond to emerging issues during the course of the financial year, in overall terms, he said "my assessment is that the Executive is faced with a net pressure of approximately £367m next year".
"In order to prepare for the future, I have also established a £26m Invest to Save Fund, which will provide support to public services in the delivery of savings, in the context of the expected further constraints in UK public sector spending in the coming years," he said.
"Therefore, a targeted approach has been adopted with, for example, the lowest level of savings in percentage terms for current spending proposed for the Department of Health.
"Unfortunately, the level of savings required meant that it was simply not possible to exempt entire departments from the process, although I would expect that my Ministerial colleagues would seek to reduce the costs of bureaucracy in the first instance."
Referring to the next stage in the process the Minister stated: "Following the launch of the Executive's draft proposals today, there will now be a period of consultation with the Assembly.
"Although I would have much preferred there to be more time for this important part of the process, final plans need to be agreed by the start of the new financial year in order to minimise the potential disruption to public services."
(BMcC/GK)
This morning, NI Finance Minister, Sammy Wilson (pictured) launched the Executive's draft revised spending plans.
He outlined how £367m is going to be cut from the NI budget next year and said that while water charges would continue to be deferred in 2010-11, it is at a cost of £213m to the Executive.
Cost-cutting measures include the Department of Health facing cuts of £113.5m and the Department of Regional Development facing cuts of £80.3m.
"Although the Executive has made significant progress in delivering the targets set out in the Programme for Government since the original Budget plans were set in January 2008, it also needs to be recognised that there have been significant changes in circumstances since then," he explained.
"I took the view last summer that pro-active early intervention was prudent to ensure that public finance remained in a sustainable position," he explained.
The Minister continued: "Although there are a broad range of financial pressures facing the Executive, the main issue is in terms of the further deferral of water and sewerage charges for domestic customers.
"Whilst this will save the average household some £400 from this element of their household bills, it also results in a cost of over £210m," he noted, adding that "there are further costs from the Civil Service Equal Pay Claim".
He said that whilst measures have been taken to provide greater scope for the Executive to respond to emerging issues during the course of the financial year, in overall terms, he said "my assessment is that the Executive is faced with a net pressure of approximately £367m next year".
"In order to prepare for the future, I have also established a £26m Invest to Save Fund, which will provide support to public services in the delivery of savings, in the context of the expected further constraints in UK public sector spending in the coming years," he said.
"Therefore, a targeted approach has been adopted with, for example, the lowest level of savings in percentage terms for current spending proposed for the Department of Health.
"Unfortunately, the level of savings required meant that it was simply not possible to exempt entire departments from the process, although I would expect that my Ministerial colleagues would seek to reduce the costs of bureaucracy in the first instance."
Referring to the next stage in the process the Minister stated: "Following the launch of the Executive's draft proposals today, there will now be a period of consultation with the Assembly.
"Although I would have much preferred there to be more time for this important part of the process, final plans need to be agreed by the start of the new financial year in order to minimise the potential disruption to public services."
(BMcC/GK)
Related Northern Ireland News Stories
Click here for the latest headlines.
05 February 2024
Executive Calls For Urgent Talks On Long-Term Funding Stability
The Executive has written to the Prime Minister Rishi Sunak to call for an urgent discussions on long-term funding stability to deliver public services.
Executive Calls For Urgent Talks On Long-Term Funding Stability
The Executive has written to the Prime Minister Rishi Sunak to call for an urgent discussions on long-term funding stability to deliver public services.
02 May 2002
Northern Ireland receives cash injection from Chancellor
Prime Minister Tony Blair and Chancellor Gordon Brown have unveiled a range of financial measures aimed at boosting Northern Ireland's ailing infrastructure.
Northern Ireland receives cash injection from Chancellor
Prime Minister Tony Blair and Chancellor Gordon Brown have unveiled a range of financial measures aimed at boosting Northern Ireland's ailing infrastructure.
13 January 2016
Mervyn Storey Appointed Finance Minister
First Minister Arlene Foster has appointed Mervyn Storey as the new Finance Minister. He replaces Mrs Foster who previously held the post before she was announced as the new First Minister on Monday after Peter Robinson stepped down.
Mervyn Storey Appointed Finance Minister
First Minister Arlene Foster has appointed Mervyn Storey as the new Finance Minister. He replaces Mrs Foster who previously held the post before she was announced as the new First Minister on Monday after Peter Robinson stepped down.
28 July 2009
Consumer Confidence Rising, Says Bank
A new NI-based survey has revealed a significant reduction in the number of people who are pessimistic about their anticipated financial position over the coming year. Local consumer confidence rose to its highest level in 10 months in June suggesting that economic stability is helping to shed some of the recessionary gloom.
Consumer Confidence Rising, Says Bank
A new NI-based survey has revealed a significant reduction in the number of people who are pessimistic about their anticipated financial position over the coming year. Local consumer confidence rose to its highest level in 10 months in June suggesting that economic stability is helping to shed some of the recessionary gloom.
08 September 2009
Foster To Lead Trade Delegation To India
Enterprise Minister Arlene Foster is to lead Northern Ireland's trade and investment mission to India at the end of September. The Minister's participation was announced during a visit to Polaris Software, one of India's leading software companies and one of four existing Indian inward investors in Northern Ireland.
Foster To Lead Trade Delegation To India
Enterprise Minister Arlene Foster is to lead Northern Ireland's trade and investment mission to India at the end of September. The Minister's participation was announced during a visit to Polaris Software, one of India's leading software companies and one of four existing Indian inward investors in Northern Ireland.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
