Rates relief supporting local businesses and jobs – O’Dowd

Date published: 10 March 2025

Speaking after the Assembly debate on two of the measures today Minister O’Dowd said: “Supporting local business means supporting entrepreneurship, helping our economy grow and creating better jobs.

“Small businesses are the driving force behind our high streets and the extension of the Small Business Rate Relief scheme means we continue to provide around 30,000 businesses with reductions, of between 20% and 50%, on their rates bill. This is just one element of over a quarter of a billion pounds of support provided to business ratepayers through the rating system.”

The Minister added: “The Back in Business scheme helps to support entrepreneurship by encouraging businesses to set up in long term vacant properties. The scheme has previously helped cafes, barbers and gift shops to locate in vacant premises, bringing life back to premises that had long been boarded up. Furthermore, the retention of the rural ATM exemption will continue to help people to easily access cash, something especially important in rural communities given bank closures.”

The extension of the rate support schemes came on the day the Assembly also approved the 5% and 3% regional rate uplifts for domestic and business rates respectively.   This means a domestic property with an average capital value of £123,000, will pay 60p a week more on the regional rate element of their bill and for businesses with a rateable value of £50,000, it will mean an additional £8.37 per week on that element.

Highlighting the important role rates play in funding public services, Minister O’Dowd said: “The Regional Rate is expected to raise in the region of £730 million in the forthcoming financial year, this is vital to helping fund our hospitals, childcare, schools and other essential public services.

“This year the rate setting process has been taken under the difficult circumstances following the impact of decisions taken by the Chancellor in relation to National Insurance contributions which have led to well documented concerns over increased costs.

“As a result, the new rates have had to be set carefully to strike the right balance between raising income while limiting increases as much as is possible recognising ongoing challenges for households and businesses. The extensive support we provide for households including means tested supports for those on the lowest incomes will continue.”