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| Version 4 | Version 5 |
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| £370m cash cuts 'by Christmas' | £370m cash cuts 'by Christmas' |
| (9 minutes later) | |
| Executive spending cuts of £370m are needed in the coming year the NI finance minister Sammy Wilson has said. | Executive spending cuts of £370m are needed in the coming year the NI finance minister Sammy Wilson has said. |
| In a confidential memo to Executive colleagues, seen by the BBC, Mr Wilson highlighted several budget pressures. | In a confidential memo to Executive colleagues, seen by the BBC, Mr Wilson highlighted several budget pressures. |
| The paper cites the continued deferral of water charges as well as swine flu and civil service back-pay. | The paper cites the continued deferral of water charges as well as swine flu and civil service back-pay. |
| He said cuts of £200m were required from current expenditure, as well as £172m from capital spending - such as roads, hospitals and schools. | He said cuts of £200m were required from current expenditure, as well as £172m from capital spending - such as roads, hospitals and schools. |
| The paper makes it clear that ministers cannot go on trying to ease financial pressures by looking for unspent funds throughout the budget across the year. | The paper makes it clear that ministers cannot go on trying to ease financial pressures by looking for unspent funds throughout the budget across the year. |
| It calls for "early action" and "difficult decisions". Deferring water charges in 2011 could cost up to £420m, the minister warned. | It calls for "early action" and "difficult decisions". Deferring water charges in 2011 could cost up to £420m, the minister warned. |
| However, even if the regional development minister recommended water charges, Mr Wilson doubted there would be time to pass legislation to introduce household water bills next year. | However, even if the regional development minister recommended water charges, Mr Wilson doubted there would be time to pass legislation to introduce household water bills next year. |
| Mr Wilson denied there was a "black-hole" at the centre of his accounts and said he was disappointed the memo had been leaked. | Mr Wilson denied there was a "black-hole" at the centre of his accounts and said he was disappointed the memo had been leaked. |
| "I told the Executive at the last meeting that I would be bringing to them a paper indicating the consequences of a decision that we made and all signed up to - every party - that we would defer water charges," he said. | "I told the Executive at the last meeting that I would be bringing to them a paper indicating the consequences of a decision that we made and all signed up to - every party - that we would defer water charges," he said. |
| "The consequence of that is that if we don't find the money from charges, then we find it from departmental budgets. | |
| "This is giving early warning to ministers that here are the consequences for your budget of a continuation of this policy." | |
| He said there needed to be forward planning to ensure there was a "seamless move into next year's spending" and that it was not "an emergency budget". | He said there needed to be forward planning to ensure there was a "seamless move into next year's spending" and that it was not "an emergency budget". |
| Pressures | Pressures |
| His paper sets out a range of options to achieve the cuts and asks Executive ministers for their views. | His paper sets out a range of options to achieve the cuts and asks Executive ministers for their views. |
| The recession means the Executive has not received the income from land sales that it expected. | The recession means the Executive has not received the income from land sales that it expected. |
| The paper also reveals a delay in two major investments - the Department of Environment's water management scheme and the Royal Exchange, a £360m retail and residential project in Belfast. | The paper also reveals a delay in two major investments - the Department of Environment's water management scheme and the Royal Exchange, a £360m retail and residential project in Belfast. |
| SDLP finance spokesman Declan O'Loan said the "penny has finally dropped" with the finance minister. | SDLP finance spokesman Declan O'Loan said the "penny has finally dropped" with the finance minister. |
| "This paper vindicates what the SDLP has been saying for months," he added. | "This paper vindicates what the SDLP has been saying for months," he added. |
| "However, the immediate £370m hole identified by the minister is only the tip of the iceberg. | "However, the immediate £370m hole identified by the minister is only the tip of the iceberg. |
| "Last week the SDLP produced a document outlining a £2 billion black hole. This was then backed up by another Executive party (the Ulster Unionists) just 24 hours later. | "Last week the SDLP produced a document outlining a £2 billion black hole. This was then backed up by another Executive party (the Ulster Unionists) just 24 hours later. |
| "And even today the respected economist Mike Smyth said there was an urgent need to revisit the budget to identify spending pressures and priorities." | "And even today the respected economist Mike Smyth said there was an urgent need to revisit the budget to identify spending pressures and priorities." |