Finance Minister John O'Dowd has announced an immediate stop to the Reval 2026 process, following intense pressure from Northern Ireland's business community.

The decision comes just a week after the release of a draft valuation list which sparked widespread alarm, particularly among the hospitality and retail sectors.

The revaluation, conducted by Land & Property Services (LPS), was intended to update the rateable value of over 75,000 non-domestic properties. However, industry bodies warned that the proposed changes—which in some cases suggested value increases of up to 80% for hotels and 47% for pubs—would act as a "death knell" for businesses already struggling with high energy costs and inflation.

In a statement confirming the move, Minister O'Dowd emphasised his commitment to supporting the local economy. "I want our local businesses to thrive; they are the backbone of our communities," the Minister said. "I have listened carefully and I am very aware of the concerns raised by businesses—particularly hotels, pubs and other hospitality businesses."

The Minister indicated that the process is being halted to allow for a period of further engagement and a review of the next steps.

"I remain in listening mode, I will now consider the next steps. My focus remains on supporting our public services, our local businesses and growing our economy," he added.

The decision has been welcomed by industry groups, including Hospitality Ulster and the Northern Ireland Hotels Federation, who had described the original proposals as "unacceptable." They argue that the current valuation system, often based on turnover, fails to account for the shrinking profit margins currently facing the sector.

While the pause provides immediate relief for many business owners, it also introduces questions regarding the Northern Ireland Executive's long-term budget, as business rates are a primary source of funding for public services.