Northern Ireland confirmed that regional rates of Northern Ireland are going to be frozen for another year.
According to Finance Minister, Conor Murphy, he intends to provide businesses with 50 million pounds rates that would support the packages for the 2022/23 financial year and continue the small businesses Rate Relief.
The minister stated that he wanted to pursue the rates of holidays that businesses said was a ‘Vital lifeline’ for them, especially at the time of the pandemic.
In a statement on Wednesday, Mr Murphy stated that the Assembly had backed him in the rates freeze, which will in effect provide all businesses with a one month rates holiday and some with up to three months.
While talking with the Two sisters artisan food and craft store and Bumbles Day Care in Belfast, Mr Murphy noted that the move will support the recovery from the pandemic.
As businesses started once again, so I am announcing the further 50 million pounds trade in order to support packages to support the recovery, and this all would provide support to all businesses with the one month of rates holiday except for utilities and the larges stores of food while doing the retail hospitality, tourism, leisure, childcare, newspapers and airports will receive a three months rates holiday.
Businesses have hit harder since March 2020 and will now pay no rates until July 2022.
According to Minister Murphy, Knowing the cost of living crisis, I had shown the project as part of the draft budget a proposal to freeze both the domestic and non-domestic regional rates for the next three years.
They planned the freeze in a bid to help the rising costs being faced by families and businesses alike. While the Executive has not agreed on a final budget for the next three years, I can proceed with this freeze for the first year.
Today, the Assembly support would freeze the households and businesses rates for the next year, also giving households and businesses the immediate time ahead.