Business leaders praise the freezing of the non-domestic regional rate by the Secretary of State for NI

Commenting on the decision by the Secretary of State for Northern Ireland, the Rt Hon Chris Heaton-Harris MP, the policy chair of FSB Northern Ireland, Alan Lowry, said: “We are very pleased that the Secretary of State has recognised the immense pressures facing SMEs in NI and chosen not to add to their burden as he strikes the regional rate.

“In choosing to freeze the non-domestic regional rate, the Secretary of State has removed one of the threats that has been hanging over businesses. The next step must be for officials in the Department of Finance to prioritise some of our most challenged sectors and match the support that the Chancellor saw fit to provide in England and Wales when he introduced a 75% discount for retail, hospitality, tourism and leisure”.

Mr Lowry continued: “Our members in these sectors are telling us about the pressures they are facing and cannot see how officials could decide that the pressure is somehow less in NI than that in England or Wales. SMEs provide the majority of employment in NI, and these sectors are a key part of our tourism offering which brings in wealth from elsewhere, so we must see them prioritised for similar support.”

Colin Neill, chief executive, Hospitality Ulster, added: “This is welcome news at a time when cost pressures are hurting the wider business community and the hospitality sector in particular.

"We have fought hard and made representations to the Secretary of State to do more for business and for our industry and we are glad to see that he has heeded the warning signs and made this decision to freeze the non-domestic regional rate for the next financial year.”