Stormont bolsters struggling business sector with £230 million rates holiday plus support for travel agents

Minister Murphy said: “This £230 million package will provide continued support for businesses dealing with the impacts of the pandemic. Recognising that the months ahead will continue to be hugely challenging, extending the 12 months rates holiday in the hardest hit sectors will protect jobs.

“This package goes well beyond what has been announced in England and demonstrates the Executive’s commitment to providing certainty and support for businesses. It also protects councils’ rate income as the Executive will cover the full cost of the rates holiday.

“Today’s announcement means the additional rates support provided to businesses over two years amounts to more than half a billion pounds. To further support businesses, the Executive has also chosen to freeze the regional rate for businesses for the second year in a row.”

Businesses in the following sectors will pay no rates in 2021-22 for the second year running:

:: Airports (Belfast City, Belfast International and City of Derry);

:: Childcare;

:: Hospitality, tourism and leisure;

:: Manufacturing;

:: Newspaper production; and

:: Retail (excluding larger food stores and off-licences)

Business rates in Northern Ireland are among the highest in the UK and in places higher than some major shopping streets in London.

Welcoming the Executive’s decision, Retail NI Chief Executive Glyn Roberts said: “This is good news for both independent retailers and for our high streets”

“Retail NI is pleased that the Finance Minister has listened to our members’ concerns and extended the rates holiday for another year. This will provide much needed further support to our members as they begin to the long road towards recovery”

“While this rates holiday is very welcome, we now need to see the Executive, at its review meeting next week, give the green light for non-essential retail to reopen next month”

The Executive has also announced today a Covid support scheme for travel agents experiencing difficulties as a result of the pandemic.

Welcoming the Travel Agents Scheme, First Minister Arlene Foster and deputy First Minister Michelle O’Neill said the support scheme was necessary to ensure the continued viability of the travel agency sector.

First Minister Arlene Foster said: “Local businesses have been hit hard by the pandemic and the Executive has already provided a significant package of support; today we have agreed to provide a dedicated scheme for travel agents.

“A viable travel agents industry is critical to support a return to normal and build confidence that travel agents and other retail businesses will continue to be a feature of our high streets.

“We have agreed to open a limited, time-bound scheme which will provide a flat payment of either £3,500 or £10,000 to eligible applicants.”

The deputy First Minister Michelle O’Neill said: “The pandemic has presented huge challenges for our businesses. Given the necessary limitations on travel, there has been a severe impact on the travel industry, including travel agents.

“The Travel Agents Scheme will provide in the region of £1.175million of much-needed support. In what will be a very challenging environment going forward, this funding will help travel agents facing financial difficulties to continue operating and help to protect jobs.”

Funding provided through the Travel Agents Scheme will help vulnerable but viable travel agents, including self-employed homeworkers, with the cost of re-opening or keeping a business operational; with the cost of re-connecting with employees and customers and adapting customer marketing; and the cost of financial planning.

The Department of Finance brought forward the proposal for the scheme and the scheme will be delivered by The Executive Office.

The scheme includes a flat payment of £10k to travel agency businesses operating from commercial premises, or £3.5k payment to self-employed travel agents working from home.

The scheme will be launched on 19 March 2021 and will be open until 26 March 2021.

Links to the scheme will be available next week in advance of the Scheme’s launch on the Executive Office website.

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.

Subscribe to newsletter.co.uk and enjoy unlimited access to the best Northern Ireland and UK news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.

Our journalism costs money and we rely on advertising, print and digital revenues to help to support them. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.

Alistair Bushe

Editor