The SDLP Leader of the Opposition, Matthew O'Toole MLA, has expressed his support for the Finance Minister's decision to halt the controversial Reval 2026 process.

The move comes following a significant outcry from the hospitality and retail sectors over proposed spikes in business rates.

The revaluation, which applied to hotels, pubs, and small retail outlets across Northern Ireland, had sparked fears of widespread closures due to bills that were set to double or triple in some instances. Mr O'Toole criticised the initial approval of the policy by Sinn Féin Finance Minister John O'Dowd, suggesting the administration had been unresponsive to early warnings.

South Belfast MLA Matthew O'Toole stated: "Last week pubs, hotels, hospitality and small retail businesses across Northern Ireland received letters informing them that their rates would rise exponentially. For some this meant a doubling or tripling of the bills, while others were facing the very real prospect of closing their doors for good. This was all done with the approval of the Finance Minster who waved this policy through without a second thought." He highlighted the collaborative effort between the SDLP and industry bodies to challenge the changes, noting that the pause provides necessary relief for local employers.

"We have seen a huge backlash to these proposals that threatened businesses, jobs and our local economy," Mr O'Toole added. "The SDLP Opposition joined forces with hospitality groups to make clear the damage that would be caused and urge the Finance Minister to pause and reverse these proposals. The Finance Minister has now seen sense, but this underlines the dysfunction at Stormont that is delivering so little for the public. Sinn Féin tried to lay the blame for this policy, one that they introduced and would not raise a single penny in revenue, at the feet of the UK Government. That is farcical."

The SDLP Leader concluded by calling for long-term clarity for the business community to prevent further economic instability.

"The SDLP Opposition fought hard to ensure this policy was paused and it is welcome we have secured this injunction. I hope that businesses will soon have the clarity they need, but there is nothing to stop something else coming down the tracks in the next few weeks that will paralyse this place, waved through ambivalently by an Executive that is asleep at the wheel."