Stormont’s draft budget is set to be announced next month, the Finance Minister has indicated.
Caoimhe Archibald said following last week’s Budget announcement by Chancellor Rachel Reeves, it is her intention to publish Northern Ireland’s budget in December.
Speaking during question time for her department in the Assembly, Ms Archibald said that timing would allow for a full 12-week consultation before a final budget is agreed by the Executive ahead of the start of the next financial year.
Chancellor of the Exchequer Rachel Reeves leaves Downing Street before delivering her Budget in the Houses of Parliament (Jordan Pettitt/PA)
She said it will be a one year budget because the Chancellor’s statement only covered 2025/26, but that moving forward she intends to move to multi-year budgets where multi-year spending review settlements allow.
Ms Archibald also told MLAs that she has brought proposals to the Executive in relation to the region’s rating system.
She said it is important that the rating system is as “fair, progressive and equitable as possible”, and “aligns with what we’re trying to achieve economically and socially”.
She referred to creating an environment which “supports businesses to start up, to thrive, to create jobs”.
“I am committed to working across the Executive and with business organisations and others across society to ensure that we have the best system possible and that any rate relief that we have in place are ensuring that they continue to meet the policy objectives that they were put in place to do,” she said.
The minister added: “I had hoped by now that I would have secured Executive agreement to my proposals, and as a result, would have been in a position to update the House on the way forward.
“Every pound that we are spending on rate relief means reduced revenue for public services or higher rates bills for other homes and businesses and in that context, we must make sure every rate support measure is achieved in the desired policy outcome and is delivering for citizens and businesses.
“The Executive is fast approaching a critical juncture to reach decisions on these matters, to provide sufficient time to deliver changes to come into effect for April 2025 so hope the Executive will come to a decision quickly on my approach for the short, medium and long term, and help me get on with the job of making positive reforms to our rating system that are reflective of the economic environment that we are in.”