There are potential winners and losers, with some people facing higher bills being offset by those facing lower bills.

Archibald said the reassessment would be about “ensuring that there is a fair distribution of rates in the system”.

This exercise is a longer-term proposal that would not happen during the current Assembly.

She also spoke to BBC News NI about Wednesday’s Budget at Westminster, saying the Chancellor must honor his promise of “no return to austerity”.

Archibald said the Executive expected to get confirmation that Stormont would receive a further £500m from the UK Government for 2024.

She said that once there was “substantial clarity”, Stormont could undertake a budget reallocation exercise known as a monitoring round.

Archibald plans to publish a draft budget for 2025/26 before the end of 2024.

Once published, it will be released for a 12-week public consultation before being debated by the Assembly and will then be in force for the start of the financial year in April 2025.