Assembly Approves Rates Freeze

Regional rates across Northern Ireland will be frozen for the fourth consecutive year, following approval by the Assembly.

Ministers have voted to approve the 2014/15 Regional Rates Order, which was agreed by the Executive as part of the four year budget plan in 2011.

Both domestic and non-domestic regional rates will be frozen in real terms, ultimately leading to an increase of 2.7%. The rise reflects a commitment by the Executive to maintain regional rates by the level of inflation over the four year budget period (2011-2015).

Finance Minister Simon Hamilton brought the Rates Order before the Assembly yesterday.

The Order will include the level of additional regional rate to be levied on large retail premises. This levy was introduced in April 2012 and will continue until March 2015. Under the levy the largest retail premises in Northern Ireland are charged an additional 15% on their rates.

Minister Hamilton said: "The Executive understands the financial pressures that both domestic and non domestic rate payers have experienced in what has been, and will continue to be, a challenging economic climate.

"The slight increase in next year’s regional rate, of 2.7% in cash terms, demonstrates the commitment made by government to maintain the regional rate by the level of inflation thereby assisting people in some small way to manage these financial pressures.

"The current system of business rates provide some form of relief to over half of business ratepayers in Northern Ireland. This Executive has gone to considerable lengths to provide this level of support, continuing to put the interests of business first by looking at ways to help firms in these challenging times.

"Domestic ratepayers in Northern Ireland continue to benefit from the lowest household bills in the UK. Householders are much better off than they would have been under direct rule. The Executive’s decision to defer water charges and the package of domestic reliefs and allowances contribute to this."

(IT/CD)