Schools will be among the biggest losers in the Treasury changes Northern Ireland is losing £300m of Westminster funding because of changes to the way public money is allocated.
One of the worst-hit departments is education which, up until 2008, had accumulated a reserve of £87m.
Each year, government departments in NI build up a kitty of unspent money which, until now, they were able to carry over into the following year.
Because of Treasury changes, the underspend from previous years has been lost to the Stormont Executive.
As a result, government sources have confirmed that Northern Ireland is losing £300m worth of funds.
Under the new arrangements, the money will no longer be available to schools to draw on to cover future spending plans.
The Education Minister Caitriona Ruane said the money had been built up from schools’ unused funding and its removal was “unacceptable”.
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