A host of Northern Ireland business leaders have written to political parties urging them to press forward to agree a resumption of a fully funded devolved government.

The Northern Ireland Business Alliance described the coming days as “crucial” after multi-party talks around Stormont finances resumed at Hillsborough Castle.

However, separate talks remain ongoing between the DUP and the Government over unionist concerns around post-Brexit trading arrangements, and the unionist party’s position to remain out of Stormont until those concerns are resolved.

On Monday, the DUP indicated that a deal which would see them going back into Stormont was unlikely before Christmas.

The business alliance – which includes the Centre for Competitiveness, CBI Northern Ireland, IoD Northern Ireland and Northern Ireland Chamber of Commerce & Industry – has written to both the Secretary of State and political party leaders, urging them to maintain momentum in talks over the coming days, “in order to reach agreement at pace”.

“We welcome recent indications that the UK government has accepted the principle of a needs-based funding model for Northern Ireland,” they said.

“In our correspondence to the Secretary of State, we have expressed our view that the reformulation of the Barnett formula should baselined from the effective date of the 2021 Statutory Spending Review.

“We are also clear that the transformation of public services demands action and leadership from an Executive.

“An agreement needs to deliver the restoration of a fully-functioning and stable Executive, underpinned by an ambitious new fiscal framework which enables public sector transformation and catalyses inclusive economic growth.

“We have outlined our shared view that a reformulation of the Barnett formula that truly reflects need in practice, together with a short, sharp independent of review public spending that demands difficult decisions from an Executive, are the basis from which we hope to see political agreement. We expect this to be followed by an agreed Programme for Government at the earliest opportunity.”

They added: “The coming days are crucial.

“If a restored Executive can act soon, the prize could not only be stabilising public services, but a genuine catalyst for growth which supports business, jobs and economic prosperity for the benefit of all. It is incumbent on both the Executive parties and the Westminster government to seize the opportunity now.”