Threat of budget cuts challenges Executive to change says Alliance

Alliance Party Finance Spokesperson, Stephen Farry MLA, has responded to speculation about £15 billion cuts in Wednesday’s Budget Statement, with a potential £450m being clawed back from the Northern Ireland Budget, by stressing the importance of the Executive delivering change to the financial and economic circumstances of this region.

Stephen Farry stated: “The threatened £15 billion cuts in public expenditure in Wednesday’s Budget could have massive financial implications across the UK, including here in Northern Ireland. Potentially, it could see the removal of as much as £450m from our Block Grant over the next two years.

“It remains to be seen if our Executive has been successful in exempting Northern Ireland from these proposed efficiency savings. The populist approach adopted by our Executive over its own financial decisions will not have helped our case.

“In any event, the threat of such swingeing cuts should warn our Executive of the perils of populism over prudence, highlight the necessity of urgently addressing the £1bn cost of managing a divided society each year, and the challenge of re-balancing our economy to make Northern Ireland more sustainable.”

ENDS