To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of restructuring the Barnett Formula for education.
Answered on
13 May 2024
In the 2024 Northern Ireland Executive restoration financial package worth over £3.3 billion, the UK Government has committed to implement a 24% needs-based factor into the Barnett formula for the Northern Ireland Executive from 2024-25 onwards.
Funding provided to the Northern Ireland Executive through the Barnett formula is not ringfenced. This provides the Executive with the flexibility to allocate resources in devolved areas as they see fit and assign funding in response to their priorities.
The UK Government has no plans to replace the Barnett Formula
Answered by
Treasury
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