A deal has been reached between the major parties in Northern Ireland to bring an end to the political crisis at Stormont.

It is understood the deal will see MLAs pass an emergency motion giving Westminster the power to implement cuts to the welfare system.

Sources say the move will make sure that the British government is held responsible for any cuts being enforced on Northern Ireland.

However the cuts will be mitigated by a series of other financial measures, which sources said would 'blunt the edge' of any cuts.

The deal also includes measures to tackle cross-border crime and the remaining paramilitary forces on both the republican and loyalist sides.

Minister for Foreign Affairs Charlie Flanagan welcomed the agreement, describing the talks as "challenging but also constructive."

“The last 10 weeks of intensive negotiations have been challenging but also have been constructive," he said.

“The resulting agreement provides a credible road map for implementing many aspects of the Stormont House Agreement and tackling the continuing impact and legacy of paramilitarism."

However other 'legacy' issues such as flags, emblems and parades have been deferred to a separate round of talks to begin in the coming months.

Sinn Féin President Gerry Adams has welcomed the agreement, but says the British Government are insistent on welfare cuts.

"It's not to be sneezed at that we negotiated over half a billion of new money," he said.

"In relation to welfare we will have appointed a panel that will ensure in a very objective way that those who need this money will get the money.

"But this is an issue we will return to again and again and again because clearly the Tories are ideologically bent on continuing to create havoc," he added.