AQW 14430/22-27

Mr Eóin Tennyson
Alliance Party
Upper Bann

Tabled Date: 04/09/2024
Answered On Date: 24/09/2024
Priority Written: No

Question:
To ask the Minister of Finance for an update on the timeline for the 2025–26 Budget.

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.