The Finance Minister has today published the Budget Sustainability Plan following agreement by the Executive.
The Plan sets out the need to deliver a balanced budget in 2024-25 and future years, including looking at options to deliver efficiencies, generate income and to examine fiscal devolution. It also sets out how the Executive intends to meet the condition in the financial package to raise at least £113 million in additional revenue.
Speaking following publication of the Budget Sustainability Plan, Finance Minister Dr Caoimhe Archibald said: “The key to long term sustainability is a vibrant, successful and inclusive economy. It is not just about how we spend money it is about having an economy that generates the resources needed to deliver the public services our citizens expect and deserve.
“With increasing demands on our public services, it is crucial that we use our limited resources in a sustainable manner. We need budgeting and financial management that looks at tomorrow as well as today.
“The publication of the Executive’s Budget Sustainability Plan will be the impetus required to drive further improvements in our fiscal system. The Plan sets out the Executive’s longer-term ambition to begin integrating important sustainability discussions into the heart of our processes and decision making while allowing the development of longer-term plans and improvements to the budgeting process.
“This work, however, must be underpinned by a new approach from the British government which sees proper investment in public services and infrastructure, the budget at the end of October is the opportunity to signal this intention.”
Today’s publication of the plan includes five key commitments agreed by the Executive:
- The implementation of multi-year budgets where possible.
- The routine publication of supplementary financial tables for in-year monitoring to promote transparency and accountability.
- The regular, strategic consideration of income generation measures.
- Engagement with Treasury on flexible use of existing tools and longer-term solutions including those that will form part of any Fiscal Framework.
- Agreement to a future workplan to help secure and maintain sustainable finances.
