Ahead of the meetings, Sinn Féin’s chief whip Sinead Ennis said: “Reform alone cannot undo the history of British underfunding and austerity or overcome the reality that some parties are fundamentally opposed to power sharing and partnership.”

The DUP has repeatedly said Stormont’s finances cannot be solved alone with a one-off injection of cash from London, but requires a longer-term change to how Northern Ireland is funded.

It has also not ruled out backing reform proposals but has not spelled out what specific plans it could support.

Alliance leader and Justice Minister Naomi Long called on the government to tie “hand-in-hand” efforts to reform Stormont with stabilising the executive’s finances.

“While intense negotiations have been ongoing with the UK Government to secure the additional funding we need, we will inevitably find ourselves back in this same position in a few years’ time unless a cash injection is tied to fundamental reform of the political institutions,” she said.

“The Secretary of State has recognised the importance of institutional reform and we must seize on that momentum to future-proof the Assembly and remove the risk of veto and collapse from our system of government for good.”

Ulster Unionist leader Jon Burrows said that with “more money must come with greater responsibility”.

He added: “Perpetual crisis, followed by another demand for more money, is not a budget process. It is a habit, and the public has lost patience with it.”

Claire Hanna, the leader of the SDLP – Stormont’s official opposition – said Monday’s talks must mark a “change in approach” from both the executive and Westminster.

“We welcome the fact that the Prime Minister and Secretary of State appear to recognise the urgency of preventing another drift towards stand-off and crisis.

“But Monday’s meeting must be about more than managing the latest disagreement.”