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<p>Any returns by the Northern Ireland Executive to the Treasury are undertaken at
Block Grant level not by individual departments. Since 2016, the Executive’s underspends
have been largely in two areas: ring-fenced Resource DEL and Financial Transactions
Capital.</p><p> </p><p>Budget exchange is a mechanism that allows the Executive to
carry forward a forecast DEL underspend from one year to the next, within previously
agreed limits and with the consent of Treasury Ministers. Since 2016, the total amount
of underspend for each year which cannot be accessed via Budget Exchange for the following
year is:</p><p> </p><p><strong>2016/17: </strong>£130.9m<strong> </strong></p><p><strong>2017/18:
</strong>£210.1m<strong> </strong></p><p><strong>2018/19: </strong>£254.9m<strong>
</strong></p><p><strong>2019/20: </strong>£207m<strong> </strong></p><p><strong>2020/21:
</strong>£426.7m</p><p> </p><p>The amount unused in 2020/21 includes £373.3m that
had been earmarked for student loan impairments, which did not materialise.</p><p>
</p><p>The Secretary of State for Northern Ireland engages with the Chancellor and
Treasury Ministers on a regular basis in relation to Northern Ireland’s public finances
and wider economy, as well as with the First Minister and deputy First Minister. The
Executive’s finances are also reported on by the independent Fiscal Council.</p><p>
</p><p> </p>
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