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01/03/2024
Executive Agrees Increase In Regional Rate For 2024/25
The Executive has agreed an increase in the regional rate for 2024/25, to rise is line with inflation.
If substantially approved by the Assembly, the regional rate element of the bill would add 46p per week to the bill for a domestic property with an average capital value of £123,000 and £10.73 per week for a typical non-domestic property with a £50,000 rateable value.
Following the Executive decision to set the Regional Rate in line with inflation (4%) for domestic and non-domestic ratepayers, Finance Minister Dr Archibald MLA said: "This year rates have raised over £1.5bn which provides public funding, including for health, education, policing as well as funding council services.
"Recognising the pressure on households and businesses the Executive has agreed to keep the Regional Rate in line with inflation. The level set will go some way towards addressing the budget challenges we face while taking into account the acute pressures on our workers, families and business owners.
"Today's decision if approved by the Assembly would provide additional revenue of up to £30 million for our public services."
£247 million of rate relief support is already provided to 75% of businesses with over £100 million of rate relief provided for households.
Reaffirming her commitment to looking at responses to the recent rates consultation, Minister Archibald said: "Over 1,400 people and organisations responded to the recent consultation on domestic and non-domestic rate reliefs. I want to take the time to understand the views that have been expressed.
"It's important we look at the rating system to ensure it is fair, equitable and progressive. We want it to align it with the Executive's economic vision, expanding our tax base and supporting businesses to grow and create jobs.
"Transforming our public services will take time and investment. I have had a constructive engagement with the Chief Secretary to the Treasury and look forward to continued engagement."
If substantially approved by the Assembly, the regional rate element of the bill would add 46p per week to the bill for a domestic property with an average capital value of £123,000 and £10.73 per week for a typical non-domestic property with a £50,000 rateable value.
Following the Executive decision to set the Regional Rate in line with inflation (4%) for domestic and non-domestic ratepayers, Finance Minister Dr Archibald MLA said: "This year rates have raised over £1.5bn which provides public funding, including for health, education, policing as well as funding council services.
"Today's decision if approved by the Assembly would provide additional revenue of up to £30 million for our public services."
£247 million of rate relief support is already provided to 75% of businesses with over £100 million of rate relief provided for households.
Reaffirming her commitment to looking at responses to the recent rates consultation, Minister Archibald said: "Over 1,400 people and organisations responded to the recent consultation on domestic and non-domestic rate reliefs. I want to take the time to understand the views that have been expressed.
"It's important we look at the rating system to ensure it is fair, equitable and progressive. We want it to align it with the Executive's economic vision, expanding our tax base and supporting businesses to grow and create jobs.
"Transforming our public services will take time and investment. I have had a constructive engagement with the Chief Secretary to the Treasury and look forward to continued engagement."
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A new annual rate statement for all domestic rate payers in Northern Ireland has been introduced by the Finance Minister. From April 2015, the annual rate statement will show how households' rate payment contributes to the provision of public services such as health, education and roads, as well as a range of other important regional services.
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Three NI Banks Cut Interest Rates
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Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
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Northern Ireland WeatherToday:A dry and sunny start but cloud bubbling up with a few showers developing from late morning. Sunny intervals and scattered showers in the afternoon, these could be heavy at times. Maximum temperature 12 °C.Tonight:Remaining cloudy with a few showers continuing through the evening. Some drier, clearer spells in the early hours, before cloud builds and showers turn more persistent towards dawn. Minimum temperature 4 °C.
