The North Down MP was speaking after a cross-party meeting with the Northern Ireland Head of the Civil Service. He said it was urgent that we secure a financial package for NI that would allow us to stabilise and transform our services in order to deliver for the public.

“Northern Ireland faces an unprecedented twin budgetary and governance crisis and without political leadership through a functioning Executive, we are spiralling further into financial disaster,” he said.

“It is easy to become used to the endless cycle of crises in NI, but our current situation is the most grave one we have faced in the last 25 years. Our financial outlook is the bleakest it has ever been and is compounded by a governance vacuum.

“A financial package would allow us to make the deeply needed reforms that would stabilise and transform our public services in NI. But without any indication that an Executive can be formed, we are unable to enter into those negotiations.

“Devolution should be about improving the lives of everyone in NI. At the minute, we are sliding further into decline and decay – this is a failure of political leadership on the DUP’s part and an abdication of their responsibilities to people here.

“The stakes are incredibly high and time has all but run out. If the DUP do not step up then something else will have to change."