Included is money to tackle public sector pay and hospital waiting lists
In a letter to Finance Minister Caoimhe Archibald, the British Government have spelt out the details of the £3.3bn financial package offered to Stormont upon their return.
Of the money offered, £584 million will be used to provide public sector pay awards for 2023-24. It will be up to the Executive to decide on the levels of pay awards and to balance these costs against other priorities. To stabilise the Executive’s financial position, the UK Government has also agreed to pause repayments from 2022-23 and 2023-24 of up to £559 million to allow the Executive to stabilise services and begin implementing its plan to deliver sustainable finances. The UK Government will no longer require these funds to be repaid subject to the Executive publishing and implementing a plan to deliver sustainable public finances and services.
£235 million of this funding is ring-fenced for the sole purpose of transformation and its release is subject to the establishment of a Public Service Transformation Board. When it comes to economic growth, the Government are set to create an Enhanced Investment Zone in Northern Ireland worth approximately £150m. This Investment Zone will harness local sector strengths to drive productivity and leverage the energy of local talent, knowledge and networks.
The Executive will also be expected to publish a comprehensive and costed long-term strategic infrastructure plan that sets out the priority areas for action and how it will support prosperity and growth.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK Government Considers 'British Homes for British Workers' PolicyThe UK government is considering a policy called 'British homes for British workers' as a way to address the housing crisis. However, this initiative has been criticized for misleading the public and targeting immigrants and asylum seekers.
Read more »
DUP leader threatened over efforts to restore StormontSir Jeffrey Donaldson reveals he was threatened over his efforts to reach a deal to restore Stormont, as the DUP seeks changes to post-Brexit trade rules.
Read more »
Loyalists collect letters urging DUP to maintain Stormont boycottLetters signed by members of the loyalist community urging the DUP to maintain its Stormont boycott are being collected from unionist areas in Northern Ireland ahead of a planned batch delivery to the party.
Read more »
Stormont funding: NI Finance minister has concerns with £113m fundraising planCaoimhe Archibald says the offer does not provide a 'sustainable solution' to public sector pay demands.
Read more »
Northern Ireland Secretary Outlines Key Elements in Power-Sharing PackageThe Northern Ireland secretary sets out his four "key elements" in the package of measures to restore power sharing at Stormont. The changes apply to GB goods which are staying in Northern Ireland and will mean no routine checks on those goods. The DUP has been boycotting Stormont's power-sharing government for two years in protest at post-Brexit trade rules.
Read more »