Ministers set to meet UK chancellor to discuss budget

Northern Ireland's first and deputy first ministers will travel to London on Thursday to meet the chancellor.

Michelle O'Neill and Emma Little-Pengelly will hold a meeting with the chancellor Rachel Reeves, after it was revealed that Stormont departments are currently facing spending pressures of over £700million pounds.

Finance Minister Caoimhe Archibald, who will also be taking part in the meetings, has warned of 'grave consequences' if the overspend can't be tackled.

Earlier this week, Ms Archibald told the Assembly while the Executive expects £500million in Barnett consequentials from the London government, there is "little hope" of more money.

Ms Archibald has also told Executive ministers to take urgent action to ensure they do not overspend this year, as that will also bring a financial penalty for the budget.

"The Executive is committed to speak with one voice and will continues to make the case for additional funding for public services," she told MLAs.

"But the reality is with the prime minister and chancellor at pains to warn of a painful budget coming in October, there is little hope of additional funding being providing outside Barnett consequentials and the barnet formula will not deliver the additional funding we need."

Of the £767m total budget pressure, 90% is in health, education and justice. More than half is needed for public sector pay.

Should Stormont fail to balance its books a previous offer from the government to write off a £559m debt will be rescinded.

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