Rates relief is relief indeed, businesses say
29,000 businesses can avail of the 12-month extension.
Representatives in the businesses community have welcomed news of a 12-month extension to rates relief for certain industries in Northern Ireland.
29,000 will be eligible to avail of the relief, from a ÂŁ230million pot.
Finance Minister, Conor Murphy said it was to assist the hardest hit sectors.
Businesses in the following sectors will pay no rates in 2021-22 for the second year running:
• Airports (Belfast City, Belfast International and City of Derry);
• Childcare;
• Hospitality, tourism and leisure;
• Manufacturing;
• Newspaper production; and
• Retail (excluding larger food stores and off-licences).
'Hard-pressed' sectors
Belfast Chamber Chief Executive Simon Hamilton said it’s “welcome news for those hard-pressed sectors”.
He said: “As we look towards reopening our economy, this is a recognition by the Executive that the road to recovery will be a long and hard one for many customer facing businesses and the removal of this substantial cost will be of huge assistance.
"Belfast Chamber is pleased that Ministers have responded positively to our calls for a full year’s rates holiday for this vital sectors of our city’s economy”.
Welcome, but some gaps?
From the Federation of Small Businesses in NI, Head Roger Pollen, said it’s welcome, but there may be some industries which can slip through the cracks.
“Given the unprecedented turmoil which many businesses have faced over the last twelve months, a hefty rates bill would simply have heaped even more pressure on struggling firms,” he said.
“It is therefore particularly welcome that the Minister has brought forward this comprehensive package of rates support, covering a broad range of sectors that have been most impacted by the economic fallout of the pandemic.
“While this approach is appreciated, the Executive should not rule out supporting those businesses that do not fall into these sectors but which may have seen income dry-up through the indirect impact of restrictions, and for which a rates bill may create significant financial pressure.”
'Burning up to ÂŁ1m a day'
Hospitality Ulster's Chief also says the relief comes as a true relief.
“This is really welcome news at a time when businesses in the hospitality sector are dead on their feet," said Colin Neil.
"They have either been closed or required to operate under the most severe restrictions of any business sector for nearly a year. The reopening phase, as outlined last week, will take months to get everyone trading again and most likely with restrictions in place.”
Mr Neil is now urging the Executive to now look at a sustainable future for the industry, so that these recovery efforts aren't in vain.
He said: “We would encourage the Minister and the Executive to examine these unique set of circumstances which impact the hospitality sector and make special considerations so that they can reopen on a sustainable footing and can actually benefit from the rates holiday.”
The Executive's first review of lock-down measures is due to take place on Tuesday March 16.