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Budget 2015: Osborne says NI parties must deliver on Stormont House Agreement Budget 2015: Osborne says NI parties must deliver on Stormont House Agreement
(35 minutes later)
It "is critical" that Northern Ireland parties deliver on the Stormont House Agreement to help bring about economic recovery, the chancellor has said.It "is critical" that Northern Ireland parties deliver on the Stormont House Agreement to help bring about economic recovery, the chancellor has said.
In his budget speech, George Osborne only made a passing reference to Northern Ireland.In his budget speech, George Osborne only made a passing reference to Northern Ireland.
But in the full budget paper published by the Treasury, it said it and the executive was committed to rebalancing the economy.But in the full budget paper published by the Treasury, it said it and the executive was committed to rebalancing the economy.
It added that the agreement was part of targeted support for Northern Ireland.It added that the agreement was part of targeted support for Northern Ireland.
Mr Osborne's cutting of UK corporation tax to 19% in 2017 and 18% in 2020 has implications for the executive's main economic recovery policy lever.Mr Osborne's cutting of UK corporation tax to 19% in 2017 and 18% in 2020 has implications for the executive's main economic recovery policy lever.
The executive - which has devolved powers to vary the rate - wants to introduce a 12.5% rate in 2017.The executive - which has devolved powers to vary the rate - wants to introduce a 12.5% rate in 2017.
But PwC's chief economist in Northern Ireland Esmond Birnie said a falling UK cut "will significantly reduce the potential impact in Northern Ireland".But PwC's chief economist in Northern Ireland Esmond Birnie said a falling UK cut "will significantly reduce the potential impact in Northern Ireland".
But he added: "It will also reduce the cost to the block grant, which the government has estimated as £300m annually."But he added: "It will also reduce the cost to the block grant, which the government has estimated as £300m annually."
Northern Ireland Secretary of State Theresa Villiers welcomed Mr Osborne's speech and backed his appeal over the Stormont House Agreement. Secretary of State Theresa Villiers said 700,000 people in Northern Ireland would be paying £82 a year less in income tax.
She said if Northern Ireland "is to realise its full potential it is vital that the executive is able to make the most of the £2bn of additional spending power on offer from the government". She added 15,000 people would be lifted out of paying any income tax altogether, with the threshold lifting to £11,000.
"And we have to move away from the insistence of some parties in Northern Ireland that the best option is to continue to trap working age people in a state of low wages, high tax and welfare dependency," Ms Villiers added. Of the budget overall, she said: "It is another step on the road away from a low wage, high tax, high welfare economy towards a higher wage, lower tax, lower welfare country, not least through the introduction of our National Living Wage."
"The Stormont House Agreement needs to be implemented in full to deliver sustainable finances." However, trade unions preferred to focus on changes to tax credit system.
Unite's Jimmy Kelly said: "Cuts to tax credits will be implemented automatically in Northern Ireland through HM Revenue.
"It will be a devastating blow to those households who rely on tax credits to make ends meet.
"Proposals for the adoption of a living wage of £9 per hour by 2020 fall short of making up for these cuts."
Presently, proposals to cut the £26,000 household limit of working age benefits to £20,000 will not apply in Northern Ireland because welfare reform has not been implemented here.
Sinn Féin MLA Conor Murphy described the budget "as a further attack on low paid workers and families".Sinn Féin MLA Conor Murphy described the budget "as a further attack on low paid workers and families".
"This budget will usher in billions of further cuts targeted against the most vulnerable in society," he said."This budget will usher in billions of further cuts targeted against the most vulnerable in society," he said.
The DUP's Sammy Wilson criticised the government's plan to have a lower benefits cap for areas outside London.
He said: "I believe that is the first step towards regionalistion of benefits, and that will be detrimental to those of us who represent poorer regions of UK."
Ulster Unionist MP Danny Kinahan welcomed extra money for the National Health Service and the lowering of corporation tax, but he said that more detail was needed "on how many families would be affected by the lowering of the benefit cap to £20,000".Ulster Unionist MP Danny Kinahan welcomed extra money for the National Health Service and the lowering of corporation tax, but he said that more detail was needed "on how many families would be affected by the lowering of the benefit cap to £20,000".
He called on Sinn Féin to "stop stalling on welfare reform".He called on Sinn Féin to "stop stalling on welfare reform".
SDLP leader Alasdair McDonnell said he was disappointed that the chancellor had made "little reference to Northern Ireland" in his budget.SDLP leader Alasdair McDonnell said he was disappointed that the chancellor had made "little reference to Northern Ireland" in his budget.
"It is clear that the further cuts to welfare will be as brutal as the last round, making life increasingly difficult for unemployed people, disabled and sick people and low income families," he said."It is clear that the further cuts to welfare will be as brutal as the last round, making life increasingly difficult for unemployed people, disabled and sick people and low income families," he said.
Alliance MLA and Employment and Learning Minister Stephen Farry said Northern Ireland was "facing financial meltdown in the absence of implementation of the local version of welfare reform and the wider delivery of Stormont House".Alliance MLA and Employment and Learning Minister Stephen Farry said Northern Ireland was "facing financial meltdown in the absence of implementation of the local version of welfare reform and the wider delivery of Stormont House".
"The Northern Ireland political process cannot be allowed to drift over the summer; instead the parties need to return to the negotiating table," he said."The Northern Ireland political process cannot be allowed to drift over the summer; instead the parties need to return to the negotiating table," he said.