Stormont: Finance Minister warns of £767m Stormont pressure

Ms Archibald also signalled that she is set to propose measures which will mean higher rates bills for some households or businesses.

Rates are a property tax and the main way by which Stormont can raise additional revenue.

The minister said she wants to “build a progressive rates system which grows our tax base and stimulates our economy”.

Her department has published responses to a rates consultation which was started by the UK government while devolution was suspended.

She said: “I will be bringing forward short, medium and long-term rating policy proposals including a more strategic longer-term policy approach in the coming weeks.”

The consultation included a proposal to increase rates for the most valuable houses.

Rates are based on property values and the rateable value of houses is currently capped.

No houses are assumed to be worth more than £400,000 at a 2005 valuation.

That means that large homes in more affluent areas of north Down, for example, currently pay the same rates as much more modest detached houses.