DUP negotiated the ultimate sellout by accepting £100m lifeline loan: Mike Nesbitt

The DUP have been accused of "negotiating the ultimate sellout" as Stormont voted to accept a £100m lifeline loan from the Treasury.

At an eleventh hour meeting of the Executive on Thursday, DUP and Sinn Fein ministers agreed the loan, which must be paid back in the next financial year on top of the £87m already being removed from Northern Ireland's block grant over the administration's failure to implement welfare reform.

Meanwhile Alliance, Ulster Unionist and SDLP ministers voted against the proposal from Finance Minister Simon Hamilton, arguing that the move only "pushes the problems down the road". Yesterday the Ulster Unionist leader Mike Nesbitt heavily criticised the decision.

He added that if talks on outstanding political issues were not convening next week with the Secretary of State, he "could not guarantee" his party's "continued support for the Northern Ireland Executive as constituted".

He said: "It is clear the Chancellor has attached strings to this loan that would make Wonga look like amateurs.

"The Executive has to bring forward a budget for 2015/16 by the end of the month and have it approved by the Treasury.

"This is a surrender of the Assembly's constitutional status. The Treasury should set the size of the block grant. It is for the Executive to draw up a budget, but the only body with the authority to approve an Executive budget is the Northern Ireland Assembly, debating, amending and ultimately voting through the budget."

He added: "Be in no doubt, the Stormont Finance Minister is no longer Simon Hamilton, it is George Osborne.

"The DUP have negotiated the ultimate sellout. A devolved government for £100m – and a loan at that."

The Environment Minister Mark H Durkan added his voice to the growing criticism of the deal, calling it "ridiculous and irresponsible".

The SDLP MLA said: "The DUP, in an attempt to cover up the failures of DFP to manage the budget, sought and received a loan from the Treasury of up to £100m to attempt to patch up our escalating budget crisis.

"When the Treasury are demanding payment of fines of £87m in 2014/2015 and £114m in 2015/2016, saddling the people of Northern Ireland with more debt of up to £100m is ridiculous and irresponsible."

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Belfast Telegraph