Ulster Unionist Finance Spokesperson, Philip Smith MLA, has revealed the DUP and Sinn Fein have failed to deliver a key budgetary control contained in the Fresh Start Agreement.

Over a year ago the last Executive committed to establishing an Independent Fiscal Council for Northern Ireland, however through a series of Assembly Questions it has been revealed to Mr Smith that the body has not yet even been established.  

Philip Smith said:

“No one needs reminded of the financial illiteracy displayed by the DUP and Sinn Fein over recent years.  From failing budgets and in-year emergency cuts to a much derided £100m Wonga style loan from the Treasury, the desperate need for some form of fiscal responsibility was obvious.

“As such, my Party welcomed the pledge from the last Executive that it would establish an Independent Fiscal Council to prepare an annual assessment of the Executive’s revenue streams, as well as report on the sustainability of the Executive’s public finances.

“Given that a growing number of fiscal councils have been established around the globe, particularly in the context of the economic downturn, it made perfect sense for such a body to be established here in Northern Ireland.

“Shockingly however, as the Executive is only days out from producing a draft budget for 2017/18, it has been revealed to me that the final list of candidates for membership for the Council have not even been agreed, never mind established and ready to report in advance of the next budget.

“It is yet another example of incompetence being displayed by an Executive either unable or unwilling to learn any lessons from past mistakes.”