"I particularly welcome the short-term action plan, and there are several high priority projects in health and social services that I would be hopeful of putting forward at this stage," she said.

Bairbre de Brun: Cancer centre a priority

"In terms of the cancer centre, any money or allocation from this for the cancer centre would be very welcome and I would hope to make an announcement on this shortly."

Francie Molloy, chairman of the assembly's finance committee, said he welcomed the prime minister's recognition of the needs in Northern Ireland.

"I am concerned that what we are getting here is a loan of �125m," he said.

"The �75m is already within the assembly budget and is being recycled.

The benefits of the peace dividend have to come down to them and they have to see that it is working for them

Eileen Bell Alliance Party

"There needs to be a bit of perspective on what is available and what we actually pay for, and as the prime minister said, what we are going to have to pay back."

Niall Fitzduff of the Rural Community Network said it was a very limited package.

"There is a good message behind it, but I think it has to be built upon," he said.

"In terms of the crisis in rural areas and the balance between Belfast and the rest if rural Northern Ireland, there is no question that we will be looking at how that balance is distributed.

"People in rural areas need services and it has been in crisis for some time."

He added: "Some of the investment will have to be earmarked for rural development."

Peter Robinson: "Cheaper way to borrow"

Alliance Party Deputy Leader Eileen Bell said it was a "good news package" but one which needed to come down to the man and woman in the street.

"The benefits of the peace dividend have to come down to them and they have to see that it is working for them.

"While I would welcome in it one way, I would welcome it with caution. We still say that if we had tax-varying powers, that would perhaps not solve it completely, but it would help."

Nigel Smyth, of the Confederation of British Industry in Northern Ireland, said there were several elements to be happy about.

The one area of disappointment from the business community was that there was nothing from the chancellor on fiscal incentives

Nigel Smyth CBI

"There is the transfer of assets to the Northern Ireland Executive and the fact that we are now putting in place a mechanism to actually borrow money.

"We can now invest up front. Along with that there were some very strong messages from the first and deputy first minister about the need to reform public services and the need to involve the private sector.

"The one area of disappointment from the business community was that there was nothing from the chancellor on fiscal incentives, which are becoming increasingly necessary as we lose our competitiveness here relative to the Republic of Ireland."

The DUP did not attend the event in the Odyssey.

Deputy Leader Peter Robinson said: "The mechanism is only a cheaper way to borrow money than is currently available from the banks and and financial institutions.

"The central concern of the DUP is that additional rates may be levied at a time when bureaucracy in Northern Ireland across all sectors of government is spiralling out of control."