Finance Minister Caoimhe Archibald believes the Executive will balance its budget soon
Belfast: Finance Minister Caoimhe Archibald says the financial situation is tough. However, she believes the Stormont Executive is on track to balance its budget by the end of the financial year.
Archibald praised her colleagues for making tough decisions. They reduced a projected overcommitment that was over £750 million last year. A funding boost of over £600 million from the UK Government helped cover most of the gap.
She mentioned that ministers are now addressing the remaining overcommitment. Archibald had warned that failing to balance the budget could lead to losing a £559 million debt write-off offer from the Treasury.
The Treasury’s offer was conditional on the Executive delivering a balanced budget this year. Archibald noted that the financial picture remains challenging, but progress has been made recently.
She highlighted that the October budget and a new funding model have improved the Executive’s finances. In a BBC interview, Archibald praised her colleagues for their efforts in recent months.
She expressed confidence that the Executive would deliver a balanced budget. Archibald emphasized the importance of negotiating with the British government regarding funding needs ahead of the June spending review.
Ministers are reviewing their budgets and making necessary decisions. Archibald is optimistic that they will stay on track to balance the budget by the end of the year.
