Finance Minister, Dr Caoimhe Archibald, yesterday confirmed that the immediate threat to the continuation of Industrial Derating Policy has been lifted.
Minister Archibald, in a statement to the NI Assembly announced a conclusion to the rates element of the revenue raising consultation she inherited from the previous, Direct Rule, Secretary of State which could have resulted in significant changes to what and how much rates are collected from businesses and domestic properties.
Alongside the confirmation, the Minister announced that over the next 10 years all rates reliefs will be reviewed to ensure there is alignment with the objectives of the Executive starting with Small Business Rates Relief (which manufacturers do not receive as they secure industrial derating instead).
This means that, at the earliest, it will be 2027 before any further review will take place around the relief which manufacturers secure.
Manufacturers everywhere engaged with the process and Manufacturing NI on behalf of the sector provided the Minister, Department and Land Property Service with a substantial body of evidence which demonstrated why this relief was important in delivering the Executive and Economy Minister’s 4 priority areas of good jobs, which are regionally dispersed in a more productive and decarbonised economy.
The Minister also announced the commissioning of research into the costs of doing business which we welcome and will fully engage with.
We thank the Minister for her attention, including directly engaging with Manufacturing NI and visiting manufacturing businesses, and concluding that the rating system is an important part of securing the economy which the Executive wants.
The Minister’s approach is both sound and strategic and we offer our support.