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Northern Ireland to lose out on £40m in Chancellor's cuts, Arlene Foster warns

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Phantom budget: Arlene Foster

Phantom budget: Arlene Foster

Phantom budget: Arlene Foster

Northern Ireland is set to lose out on nearly £40m as a result of the Chancellor's new cuts, the Finance Minister has warned.

Arlene Foster told the Assembly the Executive finances had been further squeezed by George Osborne's plans for a further £3bn of in-year cuts in the UK.

Northern Ireland would lose £38m as a consequence, she said.

The Assembly is facing financial crisis due to the parties' inability to introduce welfare reforms. It could lose £604m this year if no deal is reached.

Mrs Foster is set to introduce a budget next week that has been dubbed both a "fantasy" and "phantom" budget because it factors in money the Executive currently does not have.

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