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The UK Government will provide a 拢2bn injection of financial support to the new Northern Ireland Executive which will end the nurses鈥� pay dispute, transform public services, turbocharge infrastructure investment and address Northern Ireland鈥檚 unique circumstances.

The financial package will be accompanied by stringent conditions contained within the New Decade, New Approach deal to deliver a greater level of accountability for public spending and ensure the new Executive is building sustainable public services.

A new UK Government - Northern Ireland Executive joint board will be established, convened by the Secretary of State for Northern Ireland, to oversee implementation.

Julian Smith, Secretary of State for Northern Ireland, said:

This 拢2bn injection will help transform public services in Northern Ireland, including ending the nurses鈥� pay dispute. New Decade, New Approach is about putting Northern Ireland鈥檚 Assembly on a sustainable footing.

This funding provides certainty to the Executive and ensures much-needed reforms across health, education and justice can be delivered.

NOTES TO EDITOR:

The Government鈥檚 financial package includes:

• A 拢1bn Barnett-based investment guarantee from the UK Government, which will include significant new funding to turbocharge infrastructure investment. This guarantee will apply in all circumstances, and allow the Executive to plan new investment over a five year period.

• A rapid injection of 拢550m to put the Executive鈥檚 finances on a sustainable footing, including 拢200 million to resolve the nurses鈥� pay dispute immediately and deliver pay parity over the next two years.

• Alongside this, the UK Government will ringfence 拢60m of capital and resource funding to deliver a Northern Ireland Graduate Entry Medical School in Derry/Londonderry, subject to Executive approval, with 拢45m provided by the Inclusive Future Fund announced in May 2019.

• We will provide 拢50m over two years to support the rollout of ultra-low emission public transport.

• Around 拢245m will support the transformation of public services, including transformation across health, education and justice. Funding release will be tied to the delivery of reform.

• 拢140m to address Northern Ireland鈥檚 unique circumstances.

• The deal includes strict financial conditions such as the establishment of a new independent Fiscal Council. But it does not include any conditions about the raising of revenue by the Executive - that will be a matter for the Executive to decide on if it wants to release extra funds.