A key element of the deal includes a roadmap for devolved corporation tax for Belfast, which will be presented at the next Budget this autumn.

The accord, which comes two weeks after the general election resulted in a hung parliament, sees the DUP’s 10 MPs back the Conservatives on key parliamentary votes.

A three-page document outlining the deal has been published, and the DUP says it will apply for the lifetime of the parliament, although they added it will be reviewed at the end of the current session in two years’ time.

‘The DUP agrees to support the government on all motions of confidence; and on the Queen’s Speech; the Budget; finance bills; money bills; supply and appropriation legislation and estimates,’ the document says.

‘In line with the parties’ shared priorities for negotiating a successful exit from the European Union, and protecting the country in the light of recent terrorist attacks, the DUP also agrees to support the government on legislation pertaining to the United Kingdom’s exit from the European Union; and legislation pertaining to national security.’

Support on other matters, it says, will be conducted on a case-by-case basis.

In return, the DUP will receive £1.5bn in funding made up of £1bn of new money and £500m of previously announced funds, to be spent over the next two years on infrastructure, health and education in Northern Ireland.

Under the financial deal, the UK government will allocate £200m per year for two years with ‘sufficient flexibility as to the choice of project to deliver the York Street Interchange Project and other priorities’.

An additional £75m per year for two years will be provided to increase and improve the provision of broadband.

Further, £20m will be provided per year for five years in an effort to tackle severe deprivation in certain areas of Northern Ireland, while £100m per year will be provided over two years for health spending. Another £10m per year will be provided for five years towards mental health provisions.

The deal also means the triple lock on pensions will be maintained throughout the UK. The Conservatives had been keen to make it a double lock, removing the the 2.5% minimum annual rise.

The DUP leader Arlene Foster said: ‘We welcome this new financial support of £1bn in the next two years as well as providing new flexibilities on almost £500m previous committed to Northern Ireland. As a consequence, spending power of almost £1.5bn will be available to address the unique circumstances of Northern Ireland and the effect these have had on its economy and its people.’ 

The terms of the agreement can be read here.

The financial details can be read here.