Industrial Rates Capped For 4 Years In Budget
Finance Minister Sammy Wilson has announced as part of today’s budget that the present cap of 30% on industrial rates is to continue for another 4 years saying “We are extending the liability cap on Industrial de-rating for the next four years protecting jobs in our vital manufacturing sector.”
Northern Ireland Manufacturing has welcomed the announcement that the 30% cap, introduced by Peter Robinson several years ago is to be continued for at least another four years. This is excellent news for the entire manufacturing sector in Northern Ireland. NIM campaigned long and hard for the introduction of the cap prior to devolution, and upon restoration the Executive listened to our assertions that the introduction of a 100% rate would have devastating implications for the sector. That was before the downturn, and it is no exaggeration to say that the 30% cap has undoubtedly kept many manufacturing companies in business and helped to preserve jobs through the recession. In anticipation of the forthcoming cuts in public expenditure, NIM has been lobbying elected representatives on the retention of the cap, and we are delighted that once again, The Finance Minister Sammy Wilson has demonstrated support for the manufacturing sector.
This initiative will help provide a stable cost base from which our manufacturing base can grow, helping to lead the way out of recession and rebalance the economy.
We look forward to working with the DETI, DEL and DFP Ministers, as well as other MLAs and government officials, to help outline a positive future approach to manufacturing, so that we can arrest the diffculties faced by the sector in these difficult times, and stimulate growth for the future. The Executive has received its fair share of criticism in recent times, but we in NIM are delighted to thank them for their understanding of the issues facing manufacturing, and their support on the industrial rates issue