Tom Elliott – 2015 Parliamentary Question to the Northern Ireland Office

The below Parliamentary question was asked by Tom Elliott on 2015-11-24.

To ask the Secretary of State for Northern Ireland, how much of the Stormont Agreement’s financial package of £2 billion in extra spending power to the Northern Ireland Executive is a loan to be paid back to the Government by the Executive.

Mr Ben Wallace

Through the Stormont House Agreement the Government committed to allow the Executive to use £700 million of Reinvestment and Reform Initiative (RRI) capital borrowing to fund Voluntary Exit Schemes (VES). The Executive expect full implementation of VES to deliver around £500 million in annual savings, which can be deployed to other public services.

The Government also agreed to allow the Executive increased access to RRI borrowing to fund £350 million of capital projects, over four years. This funding is for economic projects.