03/03/2020

Economy Minister Warned Of Pressures Facing Retailers

Retail leaders have delivered a message of concern that small businesses are facing a perfect storm of additional costs next month to Northern Ireland's Economy Minister Diane Dodds.

Retail NI identified the revaluation of business rates, increases in the national living wage and local and regional rates as the key additional pressures facing independent retailers and small businesses.

The organisation compelled the Minister to vote down any regional business rate hikes when the local budget is set later this month.
News Image
Chief Executive Glyn Roberts said: "Independent retailers and small businesses are facing a 'perfect storm' of additional costs on 1st April with a combination of the Rates Reval hike, increases in the local and regional rates and the Living Wage.

"While businesses in Northern Ireland continue to pay the highest Rates in the UK, our economy will not reach its full potential and our high streets will continue to decline.

"Small Businesses in England get a 50% rates discount with an nav of up to £51k and our members get a paltry 20% discount on a nav of £15k.

"In addition, Retail NI members are already paying expensive energy costs and struggling with an increasing burden of red tape and regulation."

Minister Dodds was also urged to establish a working group to examine ways to reduce high costs on businesses.






Related Northern Ireland Business News Stories
Click here for the latest headlines.

26 October 2011
Hamilton Reiterates Support For Small Businesses
Strangford DUP MLA Simon Hamilton has told an audience of business people in Lisburn that the Stormont Assembly must maintain its support for Northern Ireland's small business sector during these difficult times.
12 April 2013
Call For Targeted Rates Reductions For Businesses
Deputy John Lyons has stated that there should be targeted rates reductions for businesses in town centres, and has welcomed Chambers Ireland's support for such a policy.
13 March 2013
Call For Commercial Rates To Be Lower For Town Centre Developments
Labour Deputy, John Lyons, has stated that commercial rates should be lower for town centre developments and higher for large out of town developments – to help sustain smaller retailers that are currently under pressure.
08 January 2020
Revaluation Predicts Lower Rates For Retailers
Local retailers could see a fall in their rates bills according to the latest revaluation figures. Land & Property Services draft valuation of all 74,000 businesses in Northern Ireland also showed that some office sector firms may see an overall increase in their rateable value.
29 July 2009
Rates Relief For SMEs Proposed
A scheme to reduce the rates burden for small and medium-sized businesses (SMEs) in Northern Ireland looks set to get the go-ahead. Stormont Finance Minister Sammy Wilson today confirmed his commitment to press ahead with a scheme for Northern Ireland, following a meeting with the Northern Ireland Independent Retail Trade Association.