Almost £2 billion sterling in additional funds is to be pumped into Northern Ireland's budget to improve roads, schools, hospitals and water, it was announced today.
In what was being billed as a "the most momentous budget in a generation," Northern Ireland Office Finance Minister Mr Ian Pearson said £2 billion (€3.19 billion) over the next five years would be raised to tackle the North's crumbling infrastructure.
Households will face new water charges as a result of the Reform and Reinvestment deal struck by devolved ministers with Chancellor Gordon Brown this year.
Mr Pearson said the cash injection will help direct rule ministers, and a devolved administration if it returns, to embark on programmes they would otherwise have put on hold.
The Government will repay some of the loans through industrial derating and rates on a vacant properties.