Welcome for Finance Minister's Commitment on the Rates cap
Manufacturing NI has warmly welcomed confirmation from the Finance Minister that he intends to continue with the industrial derating through the rest of the current Assembly term and hopes both the Executive and Assembly will provide its support.
Stephen Kelly, Chief Executive said "MNI secured industrial derating and have continued over the past 3 years to demonstrate to the Executive and Assembly that this policy is not simply about avoiding harm but doing some good. The Relief has allowed investment in new facilities and machinery and secured existing and new jobs right across Northern Ireland. It's a positive demonstration that the Executive and Assembly are keen to ensure competitiveness and create the environment which will can allow our manufacturing firms to re-industrialise Northern Ireland".
He continued " everyone paying something, more regular revaluations, more flexibility for Councils to set different domestic and business rates and the securing for the long term, of reliefs that support economic development are principles which we have called for.
We will review plans to apply rates to empty factories. Whilst we share the Minister’s desire to see these spaces let and put to positive economic use, this proposal brings into sharp focus the need for both a Manufacturing Strategy from the Executive and benefits from Westminster’s forthcoming Industrial Strategy. Such provision would drive demand for these spaces and direct Invest NI and others to secure new FDI as well as supporting the expansion of existing firms".
Manufacturing NI recently gave evidence to the Stormont Finance Committee - details available here MNI at the Stormont Finance Committee