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Stormont to get an extra £1bn from Westminster Stormont to get an extra £1bn from Westminster
(32 minutes later)
The Westminster government is to give the NI Executive an extra £1bn to support the Stormont deal.The Westminster government is to give the NI Executive an extra £1bn to support the Stormont deal.
A further £1bn will be added to Stormont's budget as an automatic result of spending plans for the entire UK.A further £1bn will be added to Stormont's budget as an automatic result of spending plans for the entire UK.
The government said there will be "a rapid injection of £550m to put the executive's finances on a sustainable footing".The government said there will be "a rapid injection of £550m to put the executive's finances on a sustainable footing".
That will include £200m to resolve the nurses' pay dispute.That will include £200m to resolve the nurses' pay dispute.
The government said the financial package will "be accompanied by stringent conditions" contained within the Stormont deal, around "accountability for public spending" and the development of "sustainable public services".The government said the financial package will "be accompanied by stringent conditions" contained within the Stormont deal, around "accountability for public spending" and the development of "sustainable public services".
It added that the the deal includes strict financial conditions, such as the establishment of an independent fiscal council.It added that the the deal includes strict financial conditions, such as the establishment of an independent fiscal council.
However, the government added there are no stipulations for extra revenue-raising by the executive.However, the government added there are no stipulations for extra revenue-raising by the executive.
Parties likely to be unhappy 'Act of bad faith'
The Stormont parties are likely to be unhappy both about the size of the package and how it was announced.
On Wednesday night, Finance Minister Conor Murphy described the offer as an "act of bad faith", saying it "makes our job much more difficult".
"The bottom line is with this proposed package, our public services face a shortfall of at least £1bn next year alone," he said.
He said the the proposed package adds £100m to the £150m previously committed for legacy institutions.
"This falls at least £50m short of the projected cost of £300-£400m," he said.
The Sinn Féin MLA suggested that the announcement from Westminster was made "against the request" of the first and deputy first ministers. He hopes to meet the Chancellor next week for further talks.
Joint board
A new joint board formed between the government and executive will oversee how the money is spent.A new joint board formed between the government and executive will oversee how the money is spent.
The Secretary of State Julian Smith said the money will "help transform public services in Northern Ireland, including ending the nurses' pay dispute".The Secretary of State Julian Smith said the money will "help transform public services in Northern Ireland, including ending the nurses' pay dispute".
He added that it "provides certainty to the executive and ensures much-needed reforms across health, education and justice can be delivered".He added that it "provides certainty to the executive and ensures much-needed reforms across health, education and justice can be delivered".
However the Stormont parties are likely to be unhappy both about the size of the package and how it was announced.
Earlier on Wednesday, Finance Minister Conor Murphy said he was drawing up detailed costings and hoped to meet the Chancellor next week for further talks.
The financial package includes:The financial package includes:
It is not yet clear which spending commitments relate to the deal and which are the result of the automatic increases.It is not yet clear which spending commitments relate to the deal and which are the result of the automatic increases.