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03/05/2002
Farren dispels rumours of rise in rates
Finance Minister Sean Farren has moved to dispel rumours of an imminent rise in Northern Ireland's rates.
The announcement follows hot on the heels of speculation about the Executive's ability to raise funds to match yesterday's deal from the UK Government.
Visiting the province on Thursday, May 2, Chancellor Gordon Brown offered the Northern Ireland Executive the ability to borrow billions of pounds, which would be used to improve public services such as transport and the water service.
However, the total sum of money lent to the Executive will be ultimately dependent on the amount of revenue it can raise, which could entail a rise in rates bills over the next few years.
A public consultation into the rates issue is about to commence, and Dr Farren stated that this comprehensive review would address what he described as a "very unfair" system.
He said: "We are engaging from his month in a public consultation on the rating system. That will look at all aspects of the rating system and whether there should be relief for certain groups, what kind of exemptions we should have and what should be the basis to the rating system."
In addition, Dr Farren said that any resulting rise in rates would not come into effect for at least two years.
(CL)
The announcement follows hot on the heels of speculation about the Executive's ability to raise funds to match yesterday's deal from the UK Government.
Visiting the province on Thursday, May 2, Chancellor Gordon Brown offered the Northern Ireland Executive the ability to borrow billions of pounds, which would be used to improve public services such as transport and the water service.
However, the total sum of money lent to the Executive will be ultimately dependent on the amount of revenue it can raise, which could entail a rise in rates bills over the next few years.
A public consultation into the rates issue is about to commence, and Dr Farren stated that this comprehensive review would address what he described as a "very unfair" system.
He said: "We are engaging from his month in a public consultation on the rating system. That will look at all aspects of the rating system and whether there should be relief for certain groups, what kind of exemptions we should have and what should be the basis to the rating system."
In addition, Dr Farren said that any resulting rise in rates would not come into effect for at least two years.
(CL)
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