The SDLP has initiated a major campaign aimed at safeguarding pubs, hotels, and various hospitality firms following recent changes to business rates.

The move comes in response to a non-domestic property revaluation that has resulted in dramatic increases in rates bills for many local businesses across the North.

The party is launching a public petition calling for an urgent intervention from Finance Minister John O'Dowd. The SDLP is demanding a reversal of specific policy aspects that they argue pose a direct threat to the survival of businesses and the security of local jobs.

SDLP Leader of the Opposition, Matthew O'Toole MLA, warned that the current trajectory of the policy could have devastating social and economic consequences.

He stated: "This destructive policy has the potential to close local businesses, cost people their jobs and rip the fabric out of communities across the North. Pubs and hospitality venues are at the heart of life in our villages, towns and cities, they are more than just businesses and we cannot stand by and watch them go to the wall. "This revaluation comes after years of pressure on the hospitality sector, particularly following Covid. Rising costs, changing habits and reduced margins have already forced many businesses to make the heartbreaking decision to close their doors. When a pub closes, jobs are lost, local investment disappears and communities are left poorer and more isolated as a result."

The opposition leader acknowledged that while businesses should contribute through the rates system, the scale of the current increases is unsustainable for many.

He continued: "Of course businesses should pay their fair share through rates, but no reasonable person could accept bills doubling or increasing even further overnight. Very few pubs or hospitality businesses could absorb increases of this scale without meaningful support.

"The SDLP will be engaging directly with the pub, hotel and hospitality sector and we are urging the Finance Minister John O'Dowd to do the same. If he fails to act, we will see more businesses closing in the weeks and months ahead, with a real and damaging impact on people's lives and livelihoods. The SDLP Opposition is determined not to let that happen and we will work with businesses to secure the change needed."

The SDLP has pledged to work closely with industry representatives to pressure the Executive for a policy shift to prevent further closures in the coming months.