AQW 14430/22-27 Written question to the Minister of Finance
To ask the Minister of Finance for an update on the timeline for the 2025–26 Budget.
Asked by Eóin Tennyson MLA on 4 September 2024
- Answered
- Written
- After due date
- Tabled
- 4 September 2024
- Answer due by
- 19 September 2024
- Answered
- 24 September 202420 days after tabling
- Department
- Department of Finance
- Priority question
- No
Answer
The Chancellor of Exchequer’s statement on 29 July launched a multi-year spending review that will set departmental budgets for the next 3 years. The funding envelope for 2025-26 will be announced on 30 October 2024, with the settlement for further years announced in spring 2025.
As a result, the Executive will only be able to set a single year Budget for 2025-26 before the start of the financial year in April.
An exercise has already been commissioned to departments to gather information on their requirements for Budget 2025-26 as well as future years. This information is due in advance of the Chancellor’s announcement to ensure the Executive can consider Budget 2025-26 shortly afterwards.
It is my intention, subject to Executive agreement, to publish a draft Budget in time to allow for a full twelve week consultation before a final Budget is agreed by the Executive prior to the start of the new financial year.