Menu
04/10/2024
Executive Agrees On Budget Sustainability Plan
The Finance Minister has today published the Budget Sustainability Plan, following approval by the Executive.
The plan outlines the necessity of achieving a balanced budget in 2024-25 and subsequent years. It explores options for increasing efficiencies, generating additional income, and examining fiscal devolution. Additionally, the plan details how the Executive intends to fulfill the financial package's requirement of raising at least £113 million in extra revenue.
The publication of the Budget Sustainability Plan marks a significant step towards ensuring the long-term financial stability of Northern Ireland.
Speaking following publication of the Budget Sustainability Plan, Finance Minister Dr Caoimhe Archibald said: “The key to long term sustainability is a vibrant, successful and inclusive economy. It is not just about how we spend money it is about having an economy that generates the resources needed to deliver the public services our citizens expect and deserve.
“With increasing demands on our public services, it is crucial that we use our limited resources in a sustainable manner. We need budgeting and financial management that looks at tomorrow as well as today.
“The publication of the Executive’s Budget Sustainability Plan will be the impetus required to drive further improvements in our fiscal system. The Plan sets out the Executive’s longer-term ambition to begin integrating important sustainability discussions into the heart of our processes and decision making while allowing the development of longer-term plans and improvements to the budgeting process.
“This work, however, must be underpinned by a new approach from the British government which sees proper investment in public services and infrastructure, the budget at the end of October is the opportunity to signal this intention.”
Today’s publication of the plan includes five key commitments agreed by the Executive:
• The implementation of multi-year budgets where possible.
• The routine publication of supplementary financial tables for in-year monitoring to promote transparency and accountability.
• The regular, strategic consideration of income generation measures.
• Engagement with Treasury on flexible use of existing tools and longer-term solutions including those that will form part of any Fiscal Framework.
• Agreement to a future workplan to help secure and maintain sustainable finances.
The plan outlines the necessity of achieving a balanced budget in 2024-25 and subsequent years. It explores options for increasing efficiencies, generating additional income, and examining fiscal devolution. Additionally, the plan details how the Executive intends to fulfill the financial package's requirement of raising at least £113 million in extra revenue.
The publication of the Budget Sustainability Plan marks a significant step towards ensuring the long-term financial stability of Northern Ireland.
Speaking following publication of the Budget Sustainability Plan, Finance Minister Dr Caoimhe Archibald said: “The key to long term sustainability is a vibrant, successful and inclusive economy. It is not just about how we spend money it is about having an economy that generates the resources needed to deliver the public services our citizens expect and deserve.
“With increasing demands on our public services, it is crucial that we use our limited resources in a sustainable manner. We need budgeting and financial management that looks at tomorrow as well as today.
“This work, however, must be underpinned by a new approach from the British government which sees proper investment in public services and infrastructure, the budget at the end of October is the opportunity to signal this intention.”
Today’s publication of the plan includes five key commitments agreed by the Executive:
• The implementation of multi-year budgets where possible.
• The routine publication of supplementary financial tables for in-year monitoring to promote transparency and accountability.
• The regular, strategic consideration of income generation measures.
• Engagement with Treasury on flexible use of existing tools and longer-term solutions including those that will form part of any Fiscal Framework.
• Agreement to a future workplan to help secure and maintain sustainable finances.
Related Northern Ireland News Stories
Click here for the latest headlines.
02 October 2024
Finance Minister Under Fire For Missed Budget Deadline
SDLP Leader of the Opposition, Matthew O'Toole MLA, has criticised the Minister for Finance for her department's failure to publish a budget sustainability plan by the 30 September deadline. The requirement for a Budget Sustainability Plan was agreed upon by the UK Government and Executive parties during the restoration of the institutions.
Finance Minister Under Fire For Missed Budget Deadline
SDLP Leader of the Opposition, Matthew O'Toole MLA, has criticised the Minister for Finance for her department's failure to publish a budget sustainability plan by the 30 September deadline. The requirement for a Budget Sustainability Plan was agreed upon by the UK Government and Executive parties during the restoration of the institutions.
28 January 2011
Dáil 'To Dissolve On Tuesday'
The Irish Republic's Premier, Brian Cowen, is to announce the dissolution of the Dáil next Tuesday in preparation for the upcoming election at the end of February. The end of the current parliament will also mark the end of Mr Cowen's two-year tenure as Taoiseach, while speculation is mounting that it may also be the end of his career in politics.
Dáil 'To Dissolve On Tuesday'
The Irish Republic's Premier, Brian Cowen, is to announce the dissolution of the Dáil next Tuesday in preparation for the upcoming election at the end of February. The end of the current parliament will also mark the end of Mr Cowen's two-year tenure as Taoiseach, while speculation is mounting that it may also be the end of his career in politics.
10 December 2009
Budget Report Strikes Different Notes
While the NIO Secretary of State Shaun Woodward has welcomed yesterday's Pre Budget Report from Chancellor Alistair Darling, not everyone is quite so upbeat. The Secretary of State said: 'This Pre Budget Report is good for Northern Ireland.
Budget Report Strikes Different Notes
While the NIO Secretary of State Shaun Woodward has welcomed yesterday's Pre Budget Report from Chancellor Alistair Darling, not everyone is quite so upbeat. The Secretary of State said: 'This Pre Budget Report is good for Northern Ireland.
24 May 2024
£25m Funding Allocated For Early Learning And Childcare
A funding package of £25 million has been announced by Education Minister Paul Givan to support children, parents and providers with early learning and childcare in 2024/25. The package of measures is designed to stabilise and support expansion of the early learning and childcare sector, offer all children 22.
£25m Funding Allocated For Early Learning And Childcare
A funding package of £25 million has been announced by Education Minister Paul Givan to support children, parents and providers with early learning and childcare in 2024/25. The package of measures is designed to stabilise and support expansion of the early learning and childcare sector, offer all children 22.
10 July 2023
Greens 'Deeply Concerned' Over Impact Of Infrastructure Budget
The Green Party NI has expressed its "deep concern" over the final budget allocations announced by the Department for Infrastructure (DfI). Cllr Rachel Woods said that the final budget allocations for this financial year will have disturbing impacts on the delivery of public services and for community good.
Greens 'Deeply Concerned' Over Impact Of Infrastructure Budget
The Green Party NI has expressed its "deep concern" over the final budget allocations announced by the Department for Infrastructure (DfI). Cllr Rachel Woods said that the final budget allocations for this financial year will have disturbing impacts on the delivery of public services and for community good.
-
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.
