Retailers call on Executive to follow Wales and England and cut business rate

The Northern Ireland Retail Consortium (NIRC) has issued a New Year appeal to the Executive to boost town centres and retail hubs across Northern Ireland by cutting business rates for retailers. 

Stressing the challenging times our high streets are facing, NIRC Director, Neil Johnston highlighted how central they are to the economies of our cities, towns and villages.

“The Executive is putting together a three-year budget plan, and we are calling on them to at least freeze the regional rate this year and to plan to cut it in the following two years,” he said.

“Retailers have faced increasing energy and labour costs not to mention sustained inflationary rises on the products they are selling and a number of other cost increases. Consumers, many of whom continue to face a cost-of-living crisis, have seen some of these pressures reflected in prices.

“We recognise that the Executive has acted to limit the increase in the regional rate in recent years but to boost the health of retail hubs – many of which are at the heart of local communities across Northern Ireland – but we need them to go further.

“In England and Wales, the long-term issues facing the retail, hospitality and leisure industries have been recognised and measures are being taken to permanently reduce the business rate these sectors face. We need a similar vision from our Finance Minister and our Executive.”