Explanatory Memorandum

Budget Act (Northern Ireland) 2020

2020 CHAPTER 1

26 March 2020

PURPOSE

Section 5: Power of the Department of Finance to borrow

This section authorises the temporary borrowing by the Department of Finance in 2020-21 of approximately half the sum covered by Section 4 (1). This is a normal safeguard against the possibility of a temporary deficiency arising in the Northern Ireland Consolidated Fund.