STORMONT MINISTERS HAVE approved a budget plan aimed at absorbing £4 billion of spending cuts in Northern Ireland.

The DUP, Sinn Féin and Alliance ministers all approved the budget, the SDLP and Ulster Unionists abstained.

Deputy First Minister Martin McGuinness said:

We have risen to the challenge and confounded our critics. This has been a decisive step forward for the Executive.

Finance Minister Sammy Wilson added:

This was a real test and we have come through it with flying colours. A lot of hard work has gone into the budget.

We have proved that we can take difficult decisions, we have proved we can reach agreement. We have proved we can work together for the benefit of the people of Northern Ireland.

The health budget is not expected to face significant cuts in the short term. However, measures will include:

• A pay freeze for the 12,000 civil servants under Stormont control and who earn more £21,000
• A review of quangos within the next six months
• Domestic and non-domestic rates expected to take on increases of 2 per cent each year
• No introduction of water charges
• Removing  £35 – 125 million from the Belfast Harbour Commission resources
• Selling-off assets (expected to return about £540 million)