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| First and deputy first ministers agree £100m budget cut | First and deputy first ministers agree £100m budget cut |
| (35 minutes later) | |
| The first and deputy first ministers have reached agreement in principle on how to cut more than £100m from the executive budget. | The first and deputy first ministers have reached agreement in principle on how to cut more than £100m from the executive budget. |
| Sources say the DUP and Sinn Féin are proposing to ring-fence health and education. | Sources say the DUP and Sinn Féin are proposing to ring-fence health and education. |
| This is likely to mean more pain for the other 10 departments. | This is likely to mean more pain for the other 10 departments. |
| Most of the money is to pay Treasury fines next year, due to Stormont's failure to agree welfare reform. | Most of the money is to pay Treasury fines next year, due to Stormont's failure to agree welfare reform. |
| Agreement on this issue should have been concluded weeks ago through what's known as the June monitoring round. | Agreement on this issue should have been concluded weeks ago through what's known as the June monitoring round. |
| That's when the executive redirects unspent funds. | That's when the executive redirects unspent funds. |
| This money usually goes to other departments but this time almost £90m has to be set aside to pay the Treasury. | This money usually goes to other departments but this time almost £90m has to be set aside to pay the Treasury. |
| Westminster is demanding Stormont make up for its long-running deadlock on the issue, which means there's been no savings on Welfare Reform in Northern Ireland. | Westminster is demanding Stormont make up for its long-running deadlock on the issue, which means there's been no savings on Welfare Reform in Northern Ireland. |
| It had been proposed by the finance minister that every department take a hit of around 1.5%. But after some intense negotiations, the DUP and Sinn Féin have agreed not to take money from health and education. | It had been proposed by the finance minister that every department take a hit of around 1.5%. But after some intense negotiations, the DUP and Sinn Féin have agreed not to take money from health and education. |
| The Department of Finance has confirmed the minister has circulated a paper on the June monitoring round to executive colleagues. | |
| It's anticipated that an executive meeting will be called early next week to seek agreement on the proposals. | |
| A formal announcement is then expected from the finance minister. | A formal announcement is then expected from the finance minister. |