Finance Minister reflects on 2024

Date published: 30 December 2024

Commenting, Minister Archibald said: “Much has been delivered since the Executive returned.

“Our top priority in February coming into office was to allocate funding to enable public sector pay awards to be made – putting an end to industrial action and while challenges remain Ministers are determined to ensure our public sector workers receive a fair pay award.

“In May I signed the Interim of Fiscal Framework securing a commitment from the British Treasury to review how the Executive is funded going forward.  This was an important first step to ensure our public services are fairly and properly funded and is already making a difference delivering £431.4 million of extra funding for public services this year and next.

“I have now set out my strategic roadmap for the local rating system. I am determined to build a progressive rates system based on the principles of fairness and equity, which stimulates our economy and supports the growth of our taxbase by creating the conditions for businesses to thrive while ensuring it provides appropriate support for those who need it most.”

Key achievements

• £688m allocated to prioritise public sector pay awards.
• Reinstated the Back in Business Scheme and Rural ATM Relief to assist both footfall and cash flow in our towns and cities.
• Extended the Small Business Rate Relief Scheme for 2024/25 supporting over 30,000 businesses.
• Signed the Interim Fiscal Framework securing hundreds of millions of additional funding for public services.
• Confirmed my intention to reform Marriage Law to put belief marriage on an equal footing with religious marriage and to increase the minimum age from 16 to 18.
• Committed to introducing a Baby Loss Certificate Scheme to give parents and families who have suffered a devastating loss to feel that their grief is recongised.
• Created a Public Sector Transformation Board to to utilise the transformation funding from the financial package.
• Campaigned successfully for the pause to be lifted for the Causeway Coast and Glens and Mid South West Growth Deals.
• Signed the £290m Derry and Strabane Region City Deal which will be transformational for the North West.
• Progressed the Office Estate Review which enabled £24.4million of capital to be allocated in October monitoring to areas such as social housing and infrastructure.
• Allocated £1bn in-year funding through June and October monitoring rounds providing additional funding for health, education, policing, social housing and wastewater infrastructure which will unlock water connections for 2,300 properties.
• Secured Executive agreement and launched consultation on the 2025-26 Draft Budget.

The Finance Minister concluded: “Earlier this month the Executive agreed the Draft 2025-26 Budget which is now out to consultation. The Draft Budget demonstrates our commitment to deliver, and prioritises additional investment in our public services allocating resources to where they are most needed to improve the lives of workers, families and communities.

“I hope this can be our last one year budget so we can move to multi year budgets and a more long term approach enabling us to focus on transforming public services – which is essential to put our finances on a sustainable footing.

“Despite the financial challenges facing, working together with my ministerial colleagues in the Executive, we have made a positive difference. 2025 is about moving forward and building on the progress we have made.”