Stormont: Plans unveiled for 拢3.3bn financial deal

Image source, Getty Images/Eye Ubiquitous

Image caption, Under the terms of the deal the Executive can decide how the majority of those funds will be used

The UK government has given details of money being reallocated as part of the financial package which accompanied the return of Stormont.

The 拢3.3bn package included around 拢620m of central government funds which had previously been allocated for specific purposes in Northern Ireland.

Under the terms of the deal, the Executive can now decide how the majority of those funds will be used.

The largest reallocation, 拢203m, comes from the .

The New Deal, announced in 2020, was a 拢400m package largely aimed at mitigating the economic impacts of Brexit on Northern Ireland.

The other reallocations are a combination of money attached to earlier political deals and 'levelling up' funding.

They are:

  • New Decade, New Approach - 拢64.6m
  • Fresh Start/Stormont House - 拢150m
  • Levelling Up Fund Round 3 - 拢30m
  • A portion of the UK Shared Prosperity Fund - 拢22.6m

In addition, there is 拢153m which flows from funding streams announced in the Chancellor's 2023 autumn statement and 拢85m of new money.

From that total of 拢708m, 拢235m must be used for public service transformation and its release is subject to the establishment of a public service transformation board.

There was controversy last month when it emerged that the 拢150m reallocation of Fresh Start money would mean 10 shared or integrated education projects would lose out.

It is not yet clear if the other reallocations could have similar impacts.