Explanatory Memorandum

Budget (No. 2) Act (Northern Ireland) 2021

2021 CHAPTER 5

4 August 2021

Commentary on Sections

Section 2: Power of the Department of Finance to borrow

This section authorises the temporary borrowing by the Department of Finance in 2021-22 of approximately half the sum covered by Section 1 (1).  This is a normal safeguard against the possibility of a temporary deficiency arising in the Northern Ireland Consolidated Fund.