Máirtín Ó Muilleoir
South Belfast · Sinn Féin · Northern Ireland
“Go raibh maith agat as an cheist sin. I think it must. I followed the Public Accounts Committee under my colleague Mr Swann, and I read the devastating October hearing when Ofgem appeared.”
“While the areas it will investigate will be wide-ranging, it will necessarily include key areas in which there has been huge public interest, including the development and roll-out of the RHI scheme by the then Department of Enterprise, Trade and Investment; the signing off of the scheme by the then Department of Finance and Personnel; th…”
“I thank Mr Clarke for that question. I know that Mr Clarke was at the PAC hearing that Robin Swann had the wonderful occasion to chair. I would have paid money to attend that because it was certainly a difficult session for the PAC.”
“In relation to the question asked, I want to speak in particular of the seven months that I have been in the Department of Finance. I have been deeply impressed by the commitment, diligence and alertness of my officials to the RHI scandal. I mentioned previously alerting the Comptroller and Auditor General.”
“Ba mhaith liom buíochas a thabhairt don Chomhalta as an cheist sin. I think that any inquiry will ask what went wrong, where it went wrong, who was accountable and what happened. In that context, I am totally convinced that the decision to involve Ofgem in the RHI scheme was a major mistake. Ofgem has failed.”
“Therefore, I wish to reassure the public by setting out the steps that I think must be taken to ensure absolute openness and transparency. The arrangements I have detailed in this statement are intended to ensure this.”
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“We will come forward in the autumn with a Budget for resource from 2017-2020 and for capital from 2017-2021, and we need to make sure that there is joined-up government.”
“Part of building up strong, vibrant, dynamic communities is, I think, getting behind sports clubs even more vigorously, and hopefully these proposals on rate relief to sports clubs will help. <BR /> <BR />Michaela Boyle spoke about domestic violence. That issue came up in a discussion between the new Justice Minister and me earlier today, because it is an issue that she has expressed a real interest in and is determined to focus on. I am happy to work positively with the Justice Minister if she comes forward with additional proposals that need further funding. <BR /> <BR />I take on board all Paula Bradshaw's points about the Programme for Government, the main thrust of which was that the Programme for Government and the next Budget need to be aligned.”
“The new legislation will be presented to the Finance Committee prior to my asking the Assembly to approve it in September. Qualifying clubs will then have to apply for enhanced relief. At the very latest, this will take effect in the next financial year, but I will be asking Land and Property Services to explore options for implementation for the remainder of the current year, bearing in mind that, legally, it cannot be backdated. <BR /> <BR />Looking beyond that, I will also ask my officials to look at more fundamental changes that can be made to the treatment of amateur sports clubs as part of the wider review of rating policy to ensure that reliefs are better targeted. All of us realise in our constituencies that the sports clubs do absolutely magnificent work. Perhaps that was undervalued in the past.”
“I have not had an official visit yet to a rural community, but it has come up. That is unless we think that Enniskillen is a rural community. It did come up at a meeting in Enniskillen with the chief executive of the council who said that — you will understand this, a LeasCheann Comhairle, as it is your constituency as well as that of others — we have to ensure that rural communities get a full share of this peace dividend. <BR /> <BR />The derating of sports clubs is an issue on which Mr McKay has majored and which the Finance Committee spent most of last year discussing. I can update the Assembly on it. My Department recently completed a consultation to inform drafting regulations to allow 100% rate relief to be given to unlicensed community amateur sports clubs.”
“<BR /> <BR />I do not know whether mo chomrádaí Daithí McKay is still here, but it would be above and beyond if he is missing the football match to be here. He raised important points about the delivery of health services, and I take those on board. We have made very bold commitments to health, not only in trying to provide extra money to the tune of £1 billion but in insisting that we will stand by the need to restructure and reform health along with Professor Bengoa. It is vital, therefore, that any reforms identified as a result of the work led by Professor Bengoa be implemented with the support of the Executive. I would go broader than that and would like to see the support of the Opposition for those reforms, but let us see how that develops. <BR /> <BR />Barry McElduff and Daithí McKay mentioned rural communities.”
“If the Ulster Unionist Party wants to attack the welfare mitigation deal, it can say how much it wants to take off. If Mr Attwood or others think that we should be doing more, let them state how much more we should put into the welfare mitigations and where it should come from. That is the missing element again and again today, with the exception of the Alliance Party, which dealt in broad strokes. Neither the UUP nor the SDLP, when they called for more money, including £20 million for childcare, said where we will take it from. Does it come from the universities, the arts or the hospitals? Who will provide the money for us to do all the things that we want to do? Thus, those of us who are in the driving seat have to make those tough decisions, and we have made them in this Supply resolution and in these Estimates today.”
“Mr Durkan referred to the welfare reform mitigations, but Mr Attwood attacked the deal that we did on welfare mitigations. In my view, we set aside over £500 million, and we have a panel that is making recommendations on how that money should be used. We know that tax credits did not go ahead, so we have a bit of space there. Someone said earlier — maybe from the Ulster Unionist Party — that it is a big commitment from our society to say that we will have the most generous welfare mitigation package in these islands. It is a big commitment from the supporters of the DUP, the supporters of Sinn Féin, and the supporters of the other parties that support that package. Those who do not support it should say what they want it reduced to.”
“In fact, I think that we have a lot to learn from Belfast City Council. I am not saying that because Christopher, Claire and Paula were on the council not so long ago, but I do think that we have a lot to learn from Belfast City Council's alacrity in getting things done.”
“Certainly, those of us who signed up to the Fresh Start Agreement and the Stormont House Agreement are going to honour them. <BR /> <BR />We should make it clear that the European Investment Bank loans last week are very welcome. We should have a really positive and almost daily dialogue with the European Investment Bank. It is involved in the NI investment fund, but there are other ways in which to work with the EIB, and I have already asked my officials to start looking at the potential for European Investment Bank framework loans to support local council investment here. I take on board what Mr Storey said about some councils being at different levels. I agree with Paula Bradshaw, who said that Belfast City Council is leading the way on those matters, and we should not hold it back.”
“I take on board Mr Bell's comments on homelessness. I hope that we return to the issue, because we need reminded at every turn about how important it is. I also take on board his other two comments. One was about the challenges in the Budget: that we do not have enough money to do what we want to do. The other was about our determination to make sure that jobs, and the creation of jobs, are central to everything that we do. <BR /> <BR />Mr Durkan, I think, opened a door and agreed with me that we need to find a way of maximising borrowing for organisations such as the NIHE that cannot borrow at the minute. I think that he had a swipe at the Fresh Start Agreement, but, of course, not so long ago, we all supported the Fresh Start Agreement. I am not sure at the minute where the SDLP is on key elements of the Fresh Start Agreement.”
“Ba mhaith liom labhairt ar — tá sé i bhfad ró-fhada, mar a thuigeann tú. Jonathan Bell, when speaking publicly, has twice now addressed the issue of housing waiting lists and the very real hardship and misery that lie behind not having a home. Those of us who support families realise that you cannot really have a family unless you have a home. We talked about the big issues of health and jobs, but housing is a priority issue. When it comes to borrowing prudently, I think that all of us will welcome the European Investment Bank loans to Apex and Choice last week to enable them to build more homes. People here who have concerns about borrowing should allow us to see whether there are ways in which we can make sure that, for example, the Housing Executive can borrow so that we build more homes.”
“<BR /> <BR />Mr Farry said that there will be a Division, which caused some dismay to Members who were maybe hoping to get home for the football or to watch it somewhere else. I saw the alert go out — no one is allowed to leave the Building — and he will be voting against the motion. The interesting thing is that this is not the first debate, and some Members — those who were fortunate enough, or unfortunate enough, to be here in January and February — will realise that some of the arguments have been rehearsed. At that time, although the SDLP, the UUP and the Alliance Party voted against the motions on the Budget, the Supply resolutions and the Vote on Account, Stephen Farry abstained. I do not know whether it is progress or whether we are going backwards that, tonight, you are going to vote against the motion, but we will take that —”
“I know that he would be pleased if those commitments that he made before leaving office were honoured, because he, like me, believes in investing in higher education and that having corporation tax without skills and infrastructure is not good enough. I will be doing, and have been doing, my very best on that, not for Mr Farry or me but for our young people, to ensure that we get the jobs that we want to see. The issue of skills is very important for me. He is aware that, in the 2016-17 Budget, we committed an extra £5 million for the skills enhancement agenda. The previous Finance Minister stated that his intention was to make the first £20 million of resource DEL available in June monitoring. That is an IOU that the former Minister left for me. Hopefully, we can make some progress in that regard tomorrow.”
“I think that the Committee agreed to the Bill getting accelerated passage because it studied the proposal that we put in front of it and realised that that was the best way forward. Therefore, although I may agree with some of the stuff that Mr Farry says, I cannot agree to slow the process down. I think that we need to move on. <BR /> <BR />Some Members mentioned the monitoring round. I am sworn to secrecy. Although Mr Attwood indicated that Barry McElduff may have let the cat out of the bag, I cannot say what will be in the monitoring round. It will be announced tomorrow. Mr Farry made some commitments.”
“<BR /> <BR />I note that Mr O'Dowd also mentioned the extra money, which is mentioned elsewhere, for shared and integrated education capital build, and I welcome that. <BR /> <BR />Stephen Farry wants the process slowed down; the Budget is too fast. I have spent the last 16 months in this place asking people to do things faster while maintaining that they have to be done properly. So I would have thought that everyone would welcome the process of the Estimates and the Supply resolution being speeded up, but not so.”
“I do not know what sort of mood Mark Drakeford will be in Wales, but I believe very much in this trilateral approach. We have many things in common. <BR /> <BR />Taking on board what Mr Attwood and Mr Durkan said about austerity, no one should think that we have stopped the austerity juggernaut from Westminster and the Tories. There are all sorts of ways, and Mr Durkan touched on some of them, in which they will continue to pick at and try to undermine our Budgets, but, for me, one of the important things is that we are in frequent contact with our colleagues, friends and fellow Celts in Wales and Scotland so that we can push against the people who got fewer than 10,000 votes in the last election.”
“I am committed to doing what I can to ensure that rural roads maintenance gets the funding it needs within the constraints of budgets because we cannot and do not have enough money to do everything we want to do. <BR /> <BR />John O'Dowd is giving up the football match and is still here. That is a fealty that I have not seen very often in politics, but I take on board his remarks about the financial restraints that we are under, and if we are going to talk about teams, I should say that, in joining up with our colleagues in Scotland and Wales, I will be meeting Derek Mackay, the Finance Minister of Scotland, on Wednesday evening and Mark Drakeford, the Finance Minister of Wales, on Thursday morning. When are they playing the English? Does anyone know?”
“<BR /> <BR />Maidir le mo chomrádaí, Barra Mac Giolla Duibh, nach bhfuil anseo anois, creidim; tá sé ar shiúl leis ag amharc ar an pheil ar ndóighe, a Leas-Cheann Comhairle. Ach ba mhaith liom a rá go nglacaim ar bórd gach rud a dúirt mo chara atá ar iarraidh anois. Agus tá súil agam, de bharr an chaiteachais atá leagtha amach sna Meastacháin Soláthair seo, go ndéanfar an infheistíocht i seirbhísí poiblí ar ardchaighdeán, agus, ar ndóighe, mar a dúirt seisean, sna bóithre agus i gcúrsaí oideachais. Déanfar sin. Barry McElduff's absence is noted. There must be a football match on. I do not believe he calls it football — there must be a soccer match on.”
“We can never bring the horror that they suffered to a close, but I hope that we can bring to a conclusion the inquiry and some proposals around that as soon as possible. <BR /> <BR />There were some questions about Excess Votes and so on, which were technical matters. I think that we will leave those. <BR /> <BR />I note that Mr Nesbitt mentioned the pay claims of former NIO staff in the settlement of the Northern Ireland Civil Service equal pay claims. He is right: those are works in progress. Discussions are continuing, and if Mr Nesbitt or anyone else wants to come and meet me on those issues, which came up on the doorsteps, as we all know, I am very happy to do that.”
“Yes, I am going to insist on a fresh approach to this, but to describe that sort of money going into working-class communities as a disaster beggars belief. <BR /> <BR />The Survivors and Victims of Institutional Abuse (SAVIA) came up several times today. I have worked with that group and consider some of them friends and all of them heroes. I believe that it is incumbent on us to find a way to make sure that we offer redress for the terrible horror that they suffered from those who were given positions of responsibility by society. Discussions are continuing. We are following the inquiry. It is up to the Executive Office to come forward with plans, and I look forward to this, but I say to my colleagues and friends in SAVIA that we are with you, we support and admire what you are doing.”
“So, was it a disaster? Taughmonagh healthy business centre — £1·1 million, commenced and detailed design, and the cost being finalised prior to contractor procurement; Sandy Row resource centre — £1 million, commenced and contractor procurement due to commence; increased community service at Sure Start Taughmonagh — £51,000, letter of offer issued; increased community service at Sure Start Belvoir and Milltown — £329,000, letter of offer issued. That is only in south Belfast. I could go on and read some of the other areas, and I note that, in east Belfast, Bryson Street surgery got £1 million, and the build is complete and operational. Am I, as Finance Minister, going to insist that procurement is done more quickly and that we find faster, more efficient ways, while being very careful with the public purse to do these things?”
“You talked about hope: we are here to give hope to our people. We intend to do that. You talked about a new energy that you feel in the Assembly, and I agree with that. I sat through the year of limbo here when some of you, like Mr Stalford, were lucky enough not to be here, but I see now a completely different approach in the Assembly. I welcome the fresh injection of energy that that has given to all our people in opposition and government parties. <BR /> <BR />Christopher Stalford talked about the social investment fund, which endured a number of brickbats from some of our friends. Mr Nesbitt described it as a disaster. Ms Hanna criticised how the decisions were taken. I have asked for the figures on the social investment fund. In my view, we are getting it right. Was it good enough or fast enough? No. Do I intend it to be better? Yes.”
“In my mind, whether you be Tory, Tory-lite or Ulster Unionist, it lacks credibility to come into the House and comment, carp and criticise the Government's policies when you enabled the Tory Government to wage this ideological austerity assault on our people. Yes, we will work together. Yes, I will take on board the points that you raised, especially, as Mrs Dobson said, with regard to health. However, I think that you are holed below the waterline with regard to credibility because of the endorsement and support that you gave — perhaps now you regret it — to the Conservative Party in the 2010 election. <BR /> <BR />I thank my colleague, the Chair of the Finance Committee, for her constructive remarks. I expect to be challenged by the Committee in the time ahead. We had a useful exchange. I hope to be back to consider other issues.”
“Having heard his maiden speech, I look forward to returning to those points and engaging with him in the time ahead. While he has been critical of the government parties, I think that we will find common ground on some of the things that he says. I will work with him. I went to the Finance Committee at the earliest opportunity. This is where we will part ways, Philip, if I may: your party was the enabler of austerity by supporting the Conservative Party in the 2010 election. That lit the fuse on this austerity nightmare that we have been enduring for the last six years, which has, as Nicola Sturgeon recently commented, added great burden and hardship for ordinary people.”
“We have the duty to deliver for all people, no matter whom they vote for, but there are also back-seat drivers who can chirp up. They can say, "Go this way" or "Go that way", but, when it comes to the tough terrain, it is up to the driver to make the judgement. When it comes to the tight corner, it is up to the driver to make the right call. When it comes to ensuring that we have vision and we can see straight ahead, again, that is for the Government. That is why we are in the driving seat. Those who wish to be in this seat have to do more than just speak and carp from the back seat. I look forward to that in the time ahead. <BR /> <BR />I will move to some of the many comments. I commend my young colleague Philip for making his maiden speech here today. Mr Smith makes a number of strong points.”
“It has always been a truism in civil services across the world — I say this with respect to the Department for the Economy, the Department of Agriculture and everybody else — that the real cream is in finance. I believe that that is what we have here. I have no doubt that the team that we have in the Department of Finance will find the ways to grow the funding pie, borrow prudently and give us the funds that we need to invest in the prosperous and shared job-rich future that we wish to create. <BR /> <BR />My friend, colleague and constituency comrade Claire Hanna made the comment that we are in the driving seat now. That is true: the government parties are in the driving seat. We have the responsibility and the obligation to make the numbers add up.”
“<BR /> <BR />In that respect, I note that Mr Durkan would like us to find a way for the Housing Executive to borrow money to build homes. I am in favour of that, but, of course, if it is on the balance sheet, it does not make any sense. The question and challenge for us as Members is this: do we have the genius and imagination to find a way to allow the Housing Executive to borrow hundreds of millions of pounds, if necessary, and then to pay that back on the basis of the homes and the income streams they create? I believe that it was the view of one of my colleagues on the Finance Committee that we should close up shop and go home because we could not do anything and Westminster held all the cards. I do not actually believe that.”
“We may come to rates later. It was interesting that, in a long debate on finances, Mr Lunn was perhaps the only one who touched on rates. No one else touched on rates, which is the one area where we can raise taxation. <BR /> <BR />In my view, the balance sheet of the government parties is strong on costings. The policies are there, and the costings are there. We are saying that this is what we want to do. It is strong on vision for a prosperous, shared society. It is strong on operations. We are saying that we think we can be more efficient as a Government and as Departments, and we will push Departments hard to see where savings can be made, such as by moving from 12 to nine Departments. We are prudent in borrowing, but we are also imaginative, and we will not close anything down.”
“I do not mind: the SDLP can have its cake and eat it on this one. If it was not to close down the victims and survivors unit by removing £800,000, it was to make 20 people redundant. You can take your pick, but removing £800,000 arbitrarily from what is now the Executive Office would have ended up with that conclusion. I am happy to take recommendations from Members on all sides about how we can do this process better. If they are about zero-based budgeting or a revised process, let us hear them all. However, this is still the core question for the junior coalition: where would they take the money from? I will respond later to Mr Attwood. If we said we wanted —”
“That said, it seems to me that — I do not know whether we refer to them as the junior coalition; I presume I am allowed to — the UUP/SDLP coalition, if I was able use some of the language of Steve Aiken and compare the balance sheets, is weak on cohesion. There are no proposals on what we should do differently. It is very weak on costings, because there were no suggestions from our colleagues in the UUP or SDLP about where we should take money out of and move it to. <BR /> <BR />We have been there previously. My South Belfast colleague Ms Hanna, at the last debate on the Budget, proposed taking £800,000 from the Executive Office, which would have led to the closure of the victims and survivors unit. Of course, we faced that down. This time, however, they have not made one proposal to move money round in a £10 billion-plus budget.”
“We have made that commitment. I would be surprised if we could not improve the health service with that extra money, never mind stand still. If they are improvements, that is what they will be. We will spend the money on them, because there can always be enhancements to the health service. I have to say that the pressures in health make me believe two things: first, there will be calls for extra money, and, secondly, we need to get to grips with this and progress Professor Bengoa's proposals as quickly as possible. <BR /> <BR />Mrs Dobson referred to the "impenetrable" Estimates: I thought her colleague Steve Aiken did a fairly good job of penetrating the Estimates and drilling down and almost performing an audit on them.”
“I have more faith in the positions of everyone in the Chamber than my colleague. It is important that they have said that it is not just about money, and we will hold them to that. That said, we made a commitment pre-election — we will hold to it — to provide £1 billion extra for the health service, but in the context of understanding that there has to be real reform. We need to do this better, and we cannot continue to put more money into the system without better outcomes.”
“I echo Mrs Dobson's sentiments, and she can be sure that I will support the Health Minister in particular when she comes forward. However, let me say this: everybody here agrees that money is not the solution. It is not a case of throwing more money at Health. I have heard Members from every party saying that. We all agree that Professor Bengoa from Euskadi, the Basque country, is setting in front of us an alternative to the blank cheque. The blank cheque will not work in health.”
“Mr Lunn is right; we need certainty and to bring those negotiations to a conclusion about the reduction in the block grant. That is where we are. Am I confident that it is achievable and affordable? Yes, but everyone here expects me to get the best deal possible, and that is what I intend to do. <BR /> <BR />I will move on to what Mrs Dobson had to say. She is right, although she and Mr Storey may disagree about the most vital issue for the Executive moving forward. Jobs and health are the building blocks, and while I am neither the Minister for the Economy nor the Minister of Health, it is my intention to ensure that when those Departments come seeking support, we find a way, with Executive colleagues, to support them.”
“We have set the date and the rate, but everyone here agrees that we want to do that to create as many jobs as possible. Therefore, it is in our interests that the reduction to the block grant is kept to the minimum. There is no one here, in opposition or in the Government parties, who would like me not to get the best deal. Have the negotiations on that best deal started? No, they have not. This may be no surprise to those who followed the income tax discussion in Scotland. The deal on income tax with Scotland was made one month before the election. When I say that we should reboot or refresh the negotiations, my entreaty has gone off to the British Chancellor, Mr Osborne, to say that we need to start those negotiations.”
“First, however, I appreciate Mr Lunn's candour, and I differentiate between — I do not know what to call it; maybe Mr Nesbitt can inform me — the junior coalition of the SDLP and the UUP and the Alliance Party, because the Alliance Party today had a raft of alternatives to the spending plans that we have and a series of suggestions. I am not saying that I agree with any of them; as you know, I am vehemently opposed to many of them, but still, there is in the Alliance Party an alternative way forward that is lacking in the other parties. I will begin at the end with Mr Lunn if I may, and I want to respond to as many points as possible. <BR /> <BR />In relation to corporation tax, I concur with my colleague Mr Murphy. We want to see corporation tax reduced.”
“Kick-off, perhaps, is the correct metaphor. If it has not kicked off yet, I wish Martin O'Neill and na buachaillí glasa — his team — well in their match. The good news is that those of us who wish to see the second half of the game will certainly see it. <BR /> <BR />I thank all those who took part in the debate. There were many brickbats for other Ministers, and I will let some of those Ministers respond to those, whether it is the Economy Minister, the Health Minister or others, but I will try to address the issues that are central to my remit. If I may, I also thank the Committee Chair and the Committee, the Opposition and members of the DUP and Sinn Féin who allowed accelerated passage of this Bill. <BR /> <BR />I will start at the end, which means that Mrs Dobson can go and watch the game if she wishes.”
“I note that steps have been taken in both cases to minimise the risk of a repeat occurrence.”
“<BR /> <BR />I believe that the Estimates before Members today mark a key step in countering the austerity agenda that others have sought to impose on us; indeed, they will protect the most vulnerable in our society while facilitating a process of development and growth, putting us four-square behind entrepreneurs, start-ups and those building a vibrant economy. <BR /> <BR />With Members' permission, I will say a few words about the second motion before the Assembly, which concerns an Excess Vote from the Department of Finance and the Northern Ireland Assembly Commission. I can confirm that the Public Accounts Committee has considered the Excess Votes and recommended their approval. I am anxious to ensure that the circumstances leading up to the breaches are not repeated. I take that very seriously.”
“Although the Executive agreed only a single-year Budget for 2016-17, the nature of some capital projects means that it is important to provide funding certainty beyond that time span. The Executive have therefore agreed to identify flagship projects for which funding will be agreed now for future periods. Those include, of course, the A5 western transport corridor and the A6, both ultimately serving the north-west, and I know that there are other projects dear to your heart, a Phríomh-LeasCheann Comhairle, that we wish to move forward in this mandate.”
“For the North, the April Ulster Bank purchasing managers' index (PMI) signalled another month of expansion. It is the twelfth consecutive month of growth in that index, and it suggests that our economy is on the road to recovery. In fact, over the past three months, the pace of expansion has exceeded the average in Britain. However, again, the pace of recovery in nowhere near fast enough for me. <BR /> <BR />We should support those involved in building the economy, equip our workforce and direct our public services to maximise opportunities arising from the position in which we find ourselves. To do that, we need to improve our infrastructure, and we have again responded to that need. We all want to see cranes above the skyline in our cities and towns.”
“It is expected that the fund will be in place before the end of the 2016-17 financial year, and that is a priority for me. <BR /> <BR />It is easy to interpret some of the constraints that we face as a reflection of an economy in difficulty; I am certain, however, that we face 2016-17 in a better position than we might have envisaged. There are signs that the economy is beginning to stabilise. I saw another report from the Ulster Bank this morning in that respect. For example, the employment rate rose to 69% in the first quarter of 2016, and the economic inactivity rate fell to 26·3%. Welcome as those figures are, I do not think that they are yet good enough. The latest Bank of England growth forecast suggests that activity will recover later in the year but at rates lower than the historical average.”
“The classification of the fund is currently under consideration by the Office for National Statistics, and that will determine the balance sheet treatment of the fund. Until that is resolved, it is not possible to be clear on whether co-investment directly into the fund will be possible. However, there are other ways in which investors can participate in the fund’s activities. One is to co-invest at project level, which would then provide the fund with leverage and preserve the fund’s capital for other projects. Another is to participate by, for example, buying up project debt once the project is completed and the construction and demand risks have been removed. That would help the fund deliver on its objective to recycle the NI Executive's capital quickly.”
“One of the means by which I intend to take forward that investment is with the establishment of a £100 million investment fund. The overall aim of the fund is to promote investment, economic growth and jobs here. The fund will use public money — financial transactions capital — and will seek to address access-to-finance market failure. The intention is that the fund will provide loan, equity or mezzanine finance to viable local private-sector projects that cannot obtain funding from commercial banks. Funding is expected to be provided on commercial terms to avoid falling foul of state aid rules. The success of the fund will be measured by economic outputs rather than by a narrow financial return on capital.”
“<BR /> <BR />The Fresh Start Agreement also provided the Executive with the flexibility to access the full amount of additional borrowing provided by the Stormont House Agreement, even if it is able to realise the agreed efficiency savings from voluntary exit schemes without switching the full amount of existing borrowing for that purpose. Therefore, any funding not used by the public sector transformation fund (PSTF) may be used for additional capital projects that are suitable for borrowing. That is very welcome. <BR /> <BR />I have pledged that I will be relentlessly positive, bold and ambitious in investing prudently and wisely for the future. I know that, across the House, we share a commitment to help support economic growth and the ambitions of our communities.”
“Given the difficult financial environment, it is important to explore options for enhancing the Executive’s capacity to invest, including exploiting our borrowing facility. Borrowing is a normal part of governance, but it should be undertaken only on an affordable and prudent basis. In that context, I welcome last week's announcement of European Investment Bank (EIB) funding for two housing associations here. <BR /> <BR />The Stormont Agreement and implementation plan confirmed the flexibility to use up to £200 million of borrowing in 2016-17 to fund voluntary exit schemes. Allocations of £117·6 million are being made to Departments in Budget 2016-17 for their proposed schemes. There will be further opportunity for Departments to submit bids to the fund, with allocations for the second tranche being made in June monitoring.”
“It would be easy to stop there and focus solely on delivering public services, but we as an Assembly must continue to support our economy and encourage our private sector as it continues to face financial difficulty — and I am thinking, in particular, of the entrepreneurs and start-ups out there who are trying to create jobs and wealth in our society. We must utilise the resources contained in the Bill in the most effective way possible to ensure that we can provide a sound footing for our businesses, our society and our people.”
“In addition, funding was provided for security and to tackle paramilitary activity. Additional money was provided for a shared future, and £30 million funding was provided for bodies to deal with the past. Some £50 million was provided for shared and integrated education and shared housing. <BR /> <BR />The Fresh Start Agreement allowed the Executive to agree a balanced and deliverable Budget for 2016-17. That Budget outcome is reflected in the Estimates before us now; they ensure that the necessary resources are in place as early as possible to allow good planning and delivery of essential public services.”
“Over coming days, I will meet the Finance Ministers of Wales and Scotland to discuss pooling our resources and making common cause in the interests of all our people. The challenge has been set, and now we must move forward collectively to overcome the barriers in our way. Members will know that I have also spoken to the Chief Secretary to the Treasury to relay my concerns and the priority issues that I wish to discuss, and I have written to Chancellor George Osborne seeking an urgent meeting. <BR /> <BR />The Fresh Start Agreement represents a good start. It provided significant additional funding in 2016-17. In addition, the Executive agreed to set aside £135 million to top-up the British welfare arrangements here. Of that amount, £75 million related to welfare enhancements and £60 million related to tax credits.”
“As Minister for the new Department of Finance, I am using the opportunity of the Supply resolution and first Budget Bill of this mandate to signal that I will oppose austerity. I assure you that I stand ready to join other Finance Ministers across all the 28 states of the European Union in speaking out against austerity and the political mentality of profit at any price with no concern for social exclusion. <BR /> <BR />The 2016-17 financial year, like previous years, will present significant challenges for the Assembly in the provision of public services. That is as a result of the austerity agenda imposed on us from another place. It is up to all of us to work collectively to overcome those challenges.”