NI business leaders welcome £300m cash lifeline but warn: It must be paid quickly, we’re in survival mode

Stormont ministers agreed to a £338 million package for those impacted by coronavirus restrictions, with the bulk of the money aimed at injecting cash into businesses hit hard by lockdown – including a voucher scheme that could see each household given £200 to spend on the high street.

But there have been calls for the money to paid out sooner rather than later amid criticism of the “glacially slow pace” of payments to date.

Retail NI chief executive Glyn Roberts told the News Letter: “I’ve just finished a meeting with the Deputy First Minister [Michelle O’Neill] and the junior ministers in the Executive Office and I’ve raised directly with them the need for the speedy implementation in the delivery of this.

“That is absolutely vital because we’re not in a recovery phase – we’re in a survival phase.”

UUP leader Steve Aiken made a similar point, saying: “Given the glacially slow pace at which payments have been made to businesses that applied for assistance five weeks ago and more, people will understandably be forgiven for showing a keen interest in ministers’ plans to ensure this new funding is distributed as quickly as possible.

“It is critical that cash is released now to those in greatest need and to where it can do the most good. There can be no more excuses.”

Economy Minister Diane Dodds, meanwhile, defended the speed at which Covid relief money is being paid to businesses.

Mrs Dodds said it is important to “get the balance right” between getting money out and verifying who it is being paid to.

Belfast Chamber of Commerce welcomed the announcement.

Chief executive Simon Hamilton said: “Businesses in Belfast and right across the region have been hurting as a result of the Executive lockdown restrictions. Businesses have been seriously struggling to survive, and whilst assistance with wage costs through the furlough scheme and various grants have been hugely helpful, many are worried about how they will weather the storm they are facing.

“Belfast Chamber welcomes today’s announcement by the Executive of £300 million of support. We especially welcome the high street voucher scheme which is something that Belfast Chamber has advocated to help businesses in our city during the usually quiet January and February period. This will help stimulate spending where it is needed and when it is needed. We are also grateful for the help for directors who have been hitherto excluded.

“Rates are a huge overhead for most businesses so the announcement that manufacturers are to enjoy a rates holiday this year and that some £150 million is being kept aside to offer rates reductions in the next financial year is also hugely welcome.”

He continued: “This is a substantial amount of support and whilst many will still feel that it does not go far enough, Belfast Chamber appreciates what Ministers have agreed and will work with them to ensure additional help gets to where it is needed.”

Mr Roberts continued: “Retail NI had been lobbying Ministers for some time on a High Street voucher scheme based upon the Jersey Government initiative and we are pleased that they listened and acted on our proposals.

“It is vital that this voucher scheme is targeted at independent retailers to ensure the full benefit to the overall economy and is not pocketed by multi-national supermarkets. 70p in every pound spend at independent retailer is recycled around the economy helping local suppliers, producers and farmers.”

He added: “We also want the targeted business rate relief to continue through to the next financial year and we hope to discuss this further with the Finance Minister.

“The next few months are about survival of our high streets and for many independent retailers. We need to see these measures brought forward rapidly.”