Ó Muilleoir: Treasury should move from austerity to stimulus

Date published: 24 October 2016

Finance Minister Máirtín Ó Muilleoir has today pressed the British Treasury to move swiftly from austerity to stimulus.

The Minister was speaking after the Finance Quadrilateral meeting in London today. Also present at the meeting were Scottish Cabinet Secretary for Finance and the Constitution Derek Mackay MSP, Welsh Cabinet Secretary for Finance, Mark Drakeford AM and the Chief Secretary to the Treasury.

The Minister said: “There remains a distinct lack of clarity around the fiscal reset plans of the British Chancellor and that continues to hamper our efforts to prepare for our budgets. However, I joined with my colleagues from the devolved administrations to push for an end to the self-defeating austerity policy.

“Our joint call for a strong capital stimulus to be included in Mr Hammond’s autumn statement on 23 November was well received. The Treasury also indicated a positive response on flexibility with financial transactions capital which will facilitate with the development of the Investment Fund and ensure no resources are lost to the Executive.

“While progress has been made on some EU revenue streams, the failure of the British Government to commit to a guarantee on how European Union funding streams will be replaced in the future is unacceptable."

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