UPDATE 1-Britain to commit 2 bln pounds to new Northern Irish government

The British government said on Wednesday it will provide 2 billion pounds ($2.6 billion) to support the newly restored Northern Ireland government.

"The UK Government will provide a 2 billion pound injection of financial support to the new Northern Ireland Executive which will end the nurses' pay dispute, transform public services, turbocharge infrastructure investment and address Northern Ireland's unique circumstances," it said in a statement. It added that a new executive joint board will be established to oversee implementation.

Northern Ireland's Finance Minister Conor Murphy called the proposed financial package "woefully inadequate" in a statement. "As Finance Minister I cannot and will not accept this and will be taking this up with the British Government," Murphy said.