Stormont to get just £14m under Barnett formula after British Chancellor Rachel Reeves’ Spring Statement
The Executive is to receive an extra £14m under the Barnett formula following British Chancellor Rachel Reeves’ Spring Statement.
The document states: “The Devolved Governments will receive an additional £58 million through the operation of the Barnett formula in 2025-26.
"This includes £28 million for the Scottish Government, £16 million for the Welsh Government and £14 million for the NI Executive.”
The Barnett formula was a temporary measure introduced in the late 1970s to allow the North’s ‘block grant’ to increase in line with rising British Government expenditure in Britain-only.
It was named after the late Joel Barnett, a former Labour minister.
In her Spring Statement document, Ms Reeves said: Arrangements for funding the Devolved Governments have been applied in the usual way as set out in the Statement of Funding Policy.
"This includes funding through the Barnett formula in relation to changes in funding for UK Government departments and adjustments to reflect tax and welfare devolution, as set out in their respective fiscal frameworks.”