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The DUP has blamed the Province’s current budget woes on the way London calculates the subsidy it receives each year, saying that nothing short of a “mammoth investment” is now required.

The statement from Edwin Poots came as the Northern Ireland Office asked the Province’s civil service to essentially compile a report about ways to raise revenue amid the ongoing budget squeeze, including such things as bringing in water charges.

In the absence of Stormont, the Tories set Northern Ireland’s budget themselves back in April.

In 2022/23 the budget had been £14.269bn. The 2023/24 Tory budget stands at £14.212bn – a very marginal reduction.

But MLAs have complained that with demand on the NHS growing a big extra chunk of cash is needed just to keep the Province ticking over like last year.

Mr Poots said: “Unless there is a total recalibration of how Northern Ireland is funded, the situation will only get worse.

DUP lays blame for budget woes with Tories saying Northern Ireland needs 'mammoth' amount of money