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<p>The Fiscal Council is an important new part of the governance of Northern Ireland.
The Northern Ireland Department of Finance is leading on developing the Terms of Reference
for the Fiscal Council. This will subsequently be agreed through the UK Government-NI
Executive Joint Board, which has been established under New Decade, New Approach.
The Secretary of State for Northern Ireland continues to emphasise the need to press
ahead with an Independent Fiscal Council as a priority for the Executive. This was
discussed at the first meeting of the Joint Board. The Joint Board will meet again
shortly to discuss progress on the fiscal council, amongst other issues.</p><p> </p><p>The
Fiscal Council has the potential to make a huge contribution to fiscal sustainability
in Northern Ireland over the long-term and strengthen Northern Ireland’s fiscal performance.</p><p>
</p><p>The UK Government will continue to work with the Northern Ireland Executive
to agree terms of reference that reflect our joint ambitions for this new institution
and get it up and running as soon as possible.</p><p> </p>
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