Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much money has been returned from Stormont to the UK Government in un-used Financial Transaction Barnett Consequentials in each financial year from 2010-11 to 2022-2023.

The Northern Ireland Executive receive ringfenced Financial Transactions Capital (FTC) funding. FTC funding is different to other aspects of the DEL block grant as it is treated as a financial transaction rather than spending and does not affect Public Sector Net Borrowing.

The Northern Ireland Executive Financial transaction budgets are provided with FTC funding through the Barnett formula in a consistent manner to UK Government departments. Where funding is provided on a net basis, repayments of loans can be recycled indefinitely into new loans. Where funding is provided on a gross basis, the Northern Ireland Executive is required to return funding to HM Treasury within an agreed period.

There were no underspends for the financial years 2010-11 through 2015-16. In subsequent years, the underspends were as follows:

• 2016-17: £34.5m
• 2017-18: £109.4m
• 2018-19: £171.9m
• 2019-20: £72.0m
• 2020-21: £26.4m
• 2021-22: £47.1m

Outturn data for 2022-23 is not yet available.

Any income from repayments of loans or underspends against the Northern Ireland Executive’s wider FTC funding can be used to reduce the amount of gross FTC repayable over time and the Executive have made use of this option. The UK Government maintains regular engagement with the Northern Ireland Executive on treatment of FTC funding.