Budget: Stormont must pass on the benefits of English rates scheme to local businesses, say FSB

The FSB say Stormont must pass on English rates benefits to local businesses. Caoimhe Archibald is NI's finance minister.The FSB say Stormont must pass on English rates benefits to local businesses. Caoimhe Archibald is NI's finance minister.
The FSB say Stormont must pass on English rates benefits to local businesses. Caoimhe Archibald is NI's finance minister.
​Stormont must pass on the benefits of a government decision to protect small businesses from a hike in business rates, according to the Federation of Small Businesses.

Money spent on schemes to help businesses in England with rates result in a proportionate increase in Stormont spending – but the body says that hasn’t been passed on by local politicians in the past and has been spent on other things.

Hide Ad
Hide Ad

Alan Lowry, Policy Chair of the Federation of Small Businesses in Northern Ireland said: ​“As in previous years, the Chancellor has seen fit to protect small businesses in England from an inflationary hike in business rates – by freezing the small business multiplier and extending business rates relief for small firms in retail, hospitality and leisure.

“Regrettably, the Stormont Executive has consistently failed to pass on this assistance to businesses in Northern Ireland, despite having received the funds from Westminster, so we renew our call on Executive Ministers to respond positively this time round”.

He also said the increase in the employer National Insurance contributions will hit many firms here, but said the FSB NI are “pleased that the Chancellor has taken on board the concerns that FSB has been repeatedly raising and that she simultaneously chose to increase the employment allowance for small businesses.

Hide Ad
Hide Ad

“The uplift in this allowance is very welcome, as it more than doubles from £5,000 to £10,500, which will shield the smallest employers from the jobs tax and is therefore a pro-jobs prioritisation in a tough Budget”. He said the test for the Budget will be whether businesses can grow and end economic stagnation.

Related topics: