Archibald says she will press funding need during Treasury meeting
Caoimhe Archibald confirmed to the Assembly that she would be meeting with Laura Trott, Chief Secretary to the Treasury in London on Wednesday.
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Your support makes all the difference.Stormont’s Finance Minister has said she will be pressing for substantive engagement on implementing a new fiscal framework for Northern Ireland during a meeting with the Treasury.
Caoimhe Archibald confirmed to the Assembly that she would be holding a meeting with Laura Trott, chief secretary to the Treasury, on Wednesday when she said she would also raise concerns over the withdrawal of ring-fenced funding for a number of integrated and shared education projects.
Ms Archibald requested the Treasury meeting following the publication of details of a £3.3 billion financial package drawn up by the UK Government to support the return of devolution in Northern Ireland.
The Government has said the powersharing Executive should raise £113 million in additional funds over the next year and produce a plan to deliver sustainable finances as a condition for the Treasury writing off almost £600 million of Stormont debt.
But Stormont leaders have voiced concern about introducing new revenue-raising measures in the region and have ruled out increasing the regional rate in Northern Ireland by 15% to raise the £113 million.
Answering questions in the Assembly, Ms Archibald said: “I have written to the Chief Secretary to the Treasury setting out my significant concerns in relation to elements of the financial package, including the stipulations on revenue raising.
“I am meeting with the Chief Secretary to the Treasury tomorrow where I will be pressing for substantive engagement on how we develop and implement a new fiscal framework.
It is essential that the right level of funding is provided by Treasury to ensure we have a sustainable foundation for our finances going forward
“I view that very much as the start of the engagement with Treasury on these matters.
“The immediate priority is for the British Government to put in place a fair and appropriately baselined needs-based fiscal floor, which recognises our underfunding for the start of the next spending review.
“It is essential that the right level of funding is provided by Treasury to ensure we have a sustainable foundation for our finances going forward.”
SDLP Stormont leader Matthew O’Toole asked the minister if she would be recommending an above- or below-inflation rise in the regional rate when the powersharing executive meets later this week.
Ms Archibald said: “We have quite a tight timeframe within which we need to set the rate to ensure that rates bills go out for the beginning of April.
“I will be hopefully discussing with Executive colleagues this week the rate for the incoming financial year.”
Alliance Party MLA Nuala McAllister raised the issue of 10 building projects for shared and integrated schools in Northern Ireland that have had ringfenced funding withdrawn.
Education Minister Paul Givan has said the £150 million for the 10 projects was reallocated in the Treasury’s £3.3 billion financial package for the restoration of the power-sharing executive.
No executive parties had anything to do with the re-profiling of the money, but obviously we will have to deal with the outworkings of whatever comes next
Ms Archibald said: “I am still awaiting clarity from Treasury as to what funding has been re-profiled.
“That is something I will be raising with the Chief Secretary to the Treasury tomorrow.
“I share the concerns that the education minister has set out, these are important projects.
“No executive parties had anything to do with the re-profiling of the money, but obviously we will have to deal with the outworkings of whatever comes next.”