Finance Minister responds to Chancellor’s Statement

Date published: 29 July 2024

“Since taking up office, I have consistently called out the underfunding of our public services. The scale of this has been laid bare in the Chancellor’s statement today.

“It is too early to determine the full implications of today’s announcement for the Executive. However, we know the Executive is facing significant financial pressures. All departments are going to need to take difficult decisions to live within the funding available.

“The Interim Fiscal Framework Agreement I negotiated has resulted in an additional £60 million being provided so far this year and will increase the Barnett received for the remainder of this year. As an Executive we have committed to playing our part to look at all options to deliver efficiencies, generate revenue, enhance borrowing powers and examine fiscal devolution. We are currently projected to raise an additional £80million this year.

“I have been clear of the need for further investment in public services. I will continue to fight for the proper funding of our public services and to have the backs of workers, families and businesses here.”

Concluding the Finance Minister said: “I welcome the commitment to produce multi-year spending reviews going forward. This is something I have been pressing for.

“While it is disappointing the October budget will only cover 2025-26, multi-year settlements from Spring 2025 will enable long term planning for the management of our resources and for service delivery. But without sufficient funding this will be futile.

“The Chancellor today set out the scale of the challenges, what we need to hear is commitment to a change of tack that will see our public services properly funded and much needed investment in infrastructure.”