Northern Secretary of State Theresa Villiers admits that the Northern talks process that she has just tried to relaunch is likely to get increasingly entrenched and bogged down as elections loom and parties vie to outflank each other in their respective constituencies. A deadline for the process, she argues, would help.

But that political reality, unfortunately, already blights prospects for any substantial agreement, not just because of the UK elections next year, but because the North’s parties appear already to be in election mode as they joust over London-imposed welfare cuts in a row that may well bring down the Assembly and result in an election or the restitution of direct rule well before that. The divided Executive must find £200 million in cuts – £90 million of which is from the fines imposed because of the disagreement over welfare reform.

The decision at least to attempt talks over the vexed outstanding “legacy” issues of flags, parades and the past, which defeated US diplomat Richard Haass’s initiative last year, is however welcome. Indeed, it’s overdue. Ms Villiers will try to agree a timeframe and agenda in initial soundings with parties, and, to sweeten the pill or concentrate minds, depending on your perspective, has hinted that a decision to grant the North the jealously-sought right to vary corporation tax rates – expected before Christmas – could hinge on progress being made.

The tax issue will also be at the heart of parallel discussions in the wake of the Scottish No vote which First Minister Peter Robinson and Deputy First Minister Martin McGuinness have announced with their counterparts in Scotland and Wales. They will discuss possible reforms in the way the regions are governed.

London, in whose gift further devolved powers remain, will watch with interest how the North's leaders demonstrate in practice their commitment to the case for further powers by showing how effectively they manage Northern Ireland with the powers they already possess. Or fail to do so, as the case may be.