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Stormont budget: DUP and Sinn Féin 'reach agreement' on monitoring round Stormont budget: DUP and Sinn Féin 'reach agreement' on monitoring round
(about 2 hours later)
The DUP and Sinn Féin have reached agreement over Stormont's latest quarterly budget after weeks of deadlock, the BBC understands.The DUP and Sinn Féin have reached agreement over Stormont's latest quarterly budget after weeks of deadlock, the BBC understands.
A meeting of the executive has been called for Thursday to ratify the deal.A meeting of the executive has been called for Thursday to ratify the deal.
The budget, known as the June monitoring round, has been delayed for four weeks.The budget, known as the June monitoring round, has been delayed for four weeks.
The parties clashed over how to deal with the Treasury's demand for £87m in financial penalties because welfare reform has not been introduced.The parties clashed over how to deal with the Treasury's demand for £87m in financial penalties because welfare reform has not been introduced.
Sinn Féin had opposed a DUP proposal to use some of this money to meet the financial penalties imposed by the Treasury.Sinn Féin had opposed a DUP proposal to use some of this money to meet the financial penalties imposed by the Treasury.
The monitoring round directs unspent funds from some Stormont departments to others where there is a shortfall.The monitoring round directs unspent funds from some Stormont departments to others where there is a shortfall.
Earlier this month, First Minister Peter Robinson said the Historical Institutional Abuse Inquiry (HIA) may have to be suspended due to the dispute. Earlier this month, First Minister Peter Robinson said the Historical Institutional Abuse Inquiry (HIA) might have to be suspended due to the dispute.
He also accused Sinn Féin of "foot-dragging" over the monitoring round. However, institutional abuse campaigners later said they had been "reassured" by the first minister that money would be available for the inquiry.
However, last week Sinn Féin said it was confident agreement would be reached after a paper was tabled by Finance Minister Simon Hamilton. Last week Sinn Féin said it was confident agreement would be reached after a paper was tabled by Finance Minister Simon Hamilton.
The executive also faces a budget shortfall of £75m.The executive also faces a budget shortfall of £75m.
The paper, circulated by Mr Hamilton last week, outlined a 2% cut to all departments except health and education, according to Stormont sources.The paper, circulated by Mr Hamilton last week, outlined a 2% cut to all departments except health and education, according to Stormont sources.