Department of Finance statement on 2023/24 Northern Ireland Budget

The Secretary of State today announced the 2023/24 Budget for Northern Ireland. This will see Northern Ireland departments receive £14.2bn resource and £2.2bn capital. This compares to £14.3bn resource and £2.1bn capital in 2022/23.

As a result of the Northern Ireland 2023/24 Budget, the total amount allocated to Departmental budgets will reduce by 0.4%. However, this does not fully reflect the extent of the pressures facing individual departments due to inflation, rising costs, increasing demands and pay pressures. In order to live within the funding available difficult decisions will have to be taken.

Following publication of the Budget, Departments will now work through the implications for their Department and the services they provide.

The UK Government’s decision to not impose repayment of the £297 million reserve claim in 2023/24 recognises the extremely challenging financial position this would have presented for Departments at the beginning of the financial year. Any Barnett consequentials received during the 2023/24 financial year, up to the amount due will not be provided to Northern Ireland instead they will be offset against the reserve claim repayment. While the quantum of Barnett consequentials is not yet known this would mean that any extra funding for UK wide initiatives such as national pay agreements would see Northern Ireland not receiving the equivalent share of funding via the Barnett formula.

If any future in year Barnett consequentials in 2023/24 do not amount to £297 million, previously announced Northern Ireland funding packages will also be reallocated to repay the reserve claim, with the residual to be repaid in 2024-25.

Notes to editors: 

1. A comparison of the 2022/23 and 2023/24 Northern Ireland Budget can be found at www.finance-ni.gov.uk/publications/department-finance-2023-24-budget-factsheet
2. Media enquiries should be addressed to the Department of Finance Press Office on Tel: 028 9081 6724 or email dof.pressoffice@finance-ni.gov.uk.To keep up to date with news from the Department you can follow us on the following social media channels:

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3. The Executive Information Service operates an out of hours service For Media Enquiries Only between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.

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