Rates: Welcome For £30m Transitional Rates Relief Scheme
Manufacturing NI has welcomed the Executive’s confirmation of a £30m Transitional Rate Relief Scheme announced by Finance Minister, Simon Hamilton.
Speaking in the Assembly the Minister said: “The Executive has set aside up to £30million to develop a Transitional Rate Relief Scheme to mitigate the impact of rates convergence on rate payers. Work is already underway to develop the criteria and scope of the scheme which will allow councils to strike a new district rate in the normal way. Land and Property Services will apply a subsidy in the rate bills to those ratepayers who would otherwise have faced a sudden and excessive increase in rates as a result of the mergers and other boundary changes. We aim to have a consultation process after Easter to inform decisions on the eligibility criteria and duration of the scheme.”
On behalf of MNI, CEO Stephen Kelly said “there has been considerable concern that when Council’s merge, those currently in Council areas with lower rates would find considerable hikes in this charge for no reason other than their location. Whilst we welcome this announcement, we hope that this also provides the space and time for the new ‘Super-Councils’ to lower the rate in the pound through the efficiencies promised by the Review of Public Administration”.
MNI will be monitoring the consultation announced by the Finance Minister and work to ensure that the interests of manufacturers, who help drive the economy, are represented.