Budget falls short of what’s needed – Murphy

As a result of the Chancellor’s Budget announcement today the Executive will receive £77million of Resource funding and £138million of capital.

Finance Minister Conor Murphy

Finance Minister, Conor Murphy said: “This Budget fails to deliver the funding needed to provide first class public services.

“Our public services are already under enormous financial pressure. Before this Budget was announced the gap between inescapable pressures identified by departments and the budget available to us was nearly £600million. We are also dealing with the emerging challenges of Coronavirus which will have a profound impact on people and the economy.

On the business rates holiday for small businesses in England, Mr Murphy said: “We need to study the detail of the proposal before deciding how the Executive can best support small businesses here.

“With finite resources and infinite demands, myself and Ministerial colleagues will take a collective approach to prioritisation, making the best possible use of the available resources. We will now move forward and put in place a Budget by the end of March.

“Over recent months I have been engaging with Treasury and making the case for the funding committed under the New Decade, New Approach document and for the reinstatement of outstanding Confidence and Supply money.

“If the British Government is serious about ending austerity then this summer’s Spending Review must release further funding to devolved administrations.”

Notes to editors: 

1.    Northern Ireland will also receive £2million of Financial Transaction Capital funding.

2.     All media enquiries to the Department of Finance Press Office on 028 9081 6724. Out of hours please contact the Duty Press Officer on 028 9037 8110 and your call will be returned.

3.    Follow us on Twitter @dptfinance            

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