The government is prepared to introduce legislation to "safeguard" Northern Ireland's position in the UK's internal market, announced the prime minister.

Rishi Sunak, addressing the Commons, stated that such a measure would coincide with a deal to reinstate the Northern Ireland Executive.

He emphasized the government's readiness to work swiftly toward achieving this goal.

Following the government's announcement of a £2.5 billion package, Northern Ireland's political parties continued discussions on financial matters for a third consecutive day.

Mr. Sunak's statement came in response to a query from Democratic Unionist Party (DUP) leader Sir Jeffrey Donaldson on Wednesday.

Northern Ireland's devolved government collapsed in February 2022 after the DUP withdrew in protest against post-Brexit trading arrangements between the region and Great Britain.

The party has sought further legal assurances from Westminster about Northern Ireland's position within the UK's internal market.

'We Can Expedite This Process' During Prime Minister's Questions, Sir Jeffrey urged the government to amend the UK Internal Market Act to "secure and future-proof" Northern Ireland's access to the UK internal market "under all circumstances."

The DUP leader expressed unionists' concern about "the necessity to remove the Irish Sea border" as it "disrupts the UK's internal market."

In response, Mr. Sunak affirmed: "I acknowledge the necessity for further action in this realm and can confirm to him that the government is ready to pass legislation to safeguard Northern Ireland's integral status in the United Kingdom and the UK internal market, in conjunction with an agreement to reinstate the executive."

The prime minister emphasized the ability to act swiftly in this regard.

He continued, "Our National Health Service (NHS), our law enforcement officers, and the most vulnerable in Northern Ireland urgently require devolved government, and it is imperative for all of us to labor tirelessly day and night to facilitate this."

NI Parties Call for More Generous Funding Deal Same Decade, Same Approach - Different Outcome? Protesters Urge Politicians to 'Get Back to Work' The DUP collapsed the power-sharing executive in protest against Irish Sea trade barriers under the Northern Ireland Protocol, agreed upon by the UK and the European Union in 2019.

Devolved government in Northern Ireland is contingent upon the participation of the major parties in both unionism and nationalism – presently the DUP and Sinn Féin.

Unionists argued that the post-Brexit arrangement diminished Northern Ireland's position within the UK's internal market.

DUP IMAGE SOURCE,PA MEDIA Image Caption, The DUP has been engaged in discussions to reinstate the executive, which have also seen trade union protests.

In February, the UK negotiated a new agreement with the EU, known as the Windsor Framework, to reduce checks on goods moving from Great Britain to Northern Ireland.

However, the DUP argued that this did not go far enough and has been in talks with the government for months in hopes of securing further amendments.

Last month, Northern Ireland Secretary Chris Heaton-Harris stated that these discussions were in the "final, final stages."

Parallel multi-party talks concerning a £2.5 billion financial package for Stormont commenced at Hillsborough Castle on Monday, with the Northern Ireland Office allocating three days for discussions.

The proposed financial package would include a lump sum to settle public sector pay claims and a new "needs-based" funding formula for public services.

It would also permit the repayment of budget overspends at Stormont from the past two years over a five-year period.

An agreement would necessitate committing to raising rates - property taxes paid by households and businesses - by a minimum of 15%.

The new funding model would include a "fiscal floor," ensuring public spending per head in Northern Ireland would always be 24% higher than in England.

The proposed offer is valued at billions annually, according to a public finance expert, David Phillips from the Institute for Fiscal Studies. Phillips noted this could represent the most significant change in how Northern Ireland is financed since the late 1970s, and its value might rise over time, similar to the model in Wales.

Read more: What's Included in Northern Ireland's New Proposal to Fund Public Services? Northern Ireland Secretary Chris Heaton-Harris is expected to meet with the leaders of the DUP, Sinn Féin, Alliance Party, and Ulster Unionist Party on Wednesday evening.

However, the parties have expressed dissatisfaction with the proposed funding, indicating it falls short of their needs.

Meanwhile, Foreign Secretary David Cameron is scheduled to meet with Tánaiste (Irish deputy prime minister) Micheál Martin in London.

'Sustainable Footing' Discussions on a financial package for Stormont commenced at Hillsborough Castle on Monday, with the Northern Ireland Office setting aside three days for discussions.

DUP assembly member Gordon Lyons stated on Tuesday that he believed the proposed package did not adequately address the issues they faced.

Sinn Féin assembly member Conor Murphy remarked that the current talks process "isn't a genuine negotiation" and that the proposed package offered "falls short of what's necessary." Photo by Ulamm (talk), Wikimedia commons.