AQW 17794/22-27

Ms Kellie Armstrong
Alliance Party
Strangford

Tabled Date: 07/11/2024
Answered On Date: 14/11/2024
Priority Written: No

Question:
To ask the Minister of Finance whether she has given any consideration to support for the hospitality sector through the rating system.

Answer:

The business rate relief in England for Retail, Hospitality and Leisure was reduced from 75% to 40%, meaning the cost of support is lower in 2025-26. The Executive has received a reduction of £58.2 million in 2025-26 in relation to business rates.

The Chancellor’s actions to reduce support in this area serves to confirm the affordability issues that I have consistently referred to with this particular business rates scheme. Those affordability issues are exacerbated if implanted into our local taxbase and economy which is heavily comprised of small and medium-sized enterprises.

My Department is assessing the details and implications of the wider policy announcements in the Chancellor’s Autumn Budget Statement as well as the Transforming business rates paper published by Treasury following that Statement.

Further work will then be progressed in this area once the Executive finishes considering the proposals I have put forward in relation to the strategic short, medium and long-term steps for the rating system.