Details of 'final' financial package on offer for Northern Ireland politicians

As finance talks concluded at Hillsborough Castle, the Secretary of State presented the Government's new and final financial offer contingent on Stormont's restoration.

Last week the Government offered £2.5bn to stabilise Northern Ireland's finances.

The updated package is now worth £3.3 billion pounds.

Chris Heaton-Harris revealed that the package aimed at supporting Northern Ireland's finances and public services would include:

  • Almost £600m for public sector pay awards for 2023.

  • £34m to tackle waiting lists next year

  • £15m to help with the initial costs of the PSNI Data breach earlier this year

  • The creation of a new Investment Zone for Northern Ireland the Government says is worth £150m.

  • Improved conditions for a Stabilisation Fund which will mean an extra £520m a year for Stormont for the next two years.

On Stormont's existing debts, the Government has said it will defer repayments for two years and is willing to write it off completely when an Executive presents a sustainability plan.

The Government had originally proposed a 15 per cent increase in regional rates to help raise more money.

It now says an Executive can have flexibility in how it decides to find the money - at least £100m will need to be found next year.

There remains £600m for the transformation of public services; a combination of both new money and some already allocated; the Government says £150m will be set aside for specific projects.

The Government is standing by it's original offer on the level of a fiscal floor for Northern Ireland, a new funding formula based on need which would start next year.

The Secretary of State said the government had presented a "generous" financial package which would be available the moment an Executive was restored.

He said: “It is disappointing that there will not be a new Executive up and running to take up this offer and deliver it for the people of Northern Ireland before Christmas.

"However, this package is on the table and will remain there, available on day one of an incoming Northern Ireland Executive to take up."

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