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First and deputy first ministers agree £100m budget cut Stormont budget: £100m cuts set out in finance minister's paper
(about 3 hours later)
The first and deputy first ministers have reached agreement in principle on how to cut more than £100m from the executive budget. The finance minister has circulated a paper which will result in millions of pounds in cuts across departments.
Sources say the DUP and Sinn Féin are proposing to ring-fence health and education. Health and education will be excluded, according to Stormont sources.
This is likely to mean more pain for the other 10 departments. The paper follows intense discussions between the first and deputy first minister on how to deal with outstanding budget pressures of well over £100 million.
Most of the money is to pay Treasury fines next year, due to Stormont's failure to agree welfare reform. The DUP and Sinn Féin were putting the finishing touches on the proposals on Wednesday.
Agreement on this issue should have been concluded weeks ago through what's known as the June monitoring round. Ministers are being asked to comment on the paper, which deals with the June monitoring round.
That's when the executive redirects unspent funds. This is when unspent funds are redirected to areas which are in need. It should have been agreed around three weeks ago.
This money usually goes to other departments but this time almost £90m has to be set aside to pay the Treasury. But, it was delayed by arguments about how to deal with forthcoming welfare penalties of around £90 million.
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. The financial pressures in the June monitoring round are also due in part to over-spending.
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. Sinn Féin's position is that it has not agreed to impose any cuts due to welfare penalties.
The Department of Finance has confirmed the minister has circulated a paper on the June monitoring round to executive colleagues. Other sources say the paper makes clear that the issue will have to be addressed in future monitoring rounds and the latest budget plans are predicated on this.
It's anticipated that an executive meeting will be called early next week to seek agreement on the proposals. It is expected an executive meeting will be held next week to discuss the paper.
A formal announcement is then expected from the finance minister. If agreed, the Finance Minister Simon Hamilton will make a statement to the assembly, possibly in written form as it is in recess.
If health and education are to be ring-fenced against the cuts that means the burden of the financial pressures will fall to the other ten departments.
The Treasury is demanding a claw-back of around £87 million - including £13m from last year - and the fines are due to be paid next spring.
One source suggested the paper recommends funding for the Historical Institutional Abuse Inquiry (HIA).