29 June 2006 Industrial rates make an essential contribution to Northern Ireland's budgets
Finance Minister, David Hanson MP, has said that Northern Ireland needs industry to pay its share of rates.
Mr Hanson said;
“The decision by Government in 2003 to gradually phase out industrial derating was taken only after careful consideration of the issues and consultation with interested parties. We also took account of the views of two all-party Committees in the previous Assembly.
“Industrial rates will contribute £18 million to our spending plans with a further £26 million next year. These amounts are already built into our plans for this year and next and will make a significant contribution to investment in services and infrastructure, which will benefit the entire community.
“We do of course acknowledge the potential impact the policy could have on industry, which is why a seven year phasing out was applied. It was also agreed that the policy will be reviewed from April 2007 to explore the impacts, as well as the potential budgetary implications of a change of policy.
“Our economy has been strengthening in recent years and to help us build a world class Northern Ireland, we need all sections of the community to make an appropriate contribution to local revenues. Revenues that remain in Northern Ireland to benefit Northern Ireland.”
Note To Editor
The Secretary of State for Northern Ireland, Peter Hain MP, will respond shortly to the recent Assembly debate, at which MLA’s voted to cap industrial rates at 25% and also to a meeting held with local politicians and industry representatives.
