Ulster Unionist Finance Spokesperson, Philip Smith MLA, has accused the Finance Minister of going on a solo-run by announcing he was lifting the cap on domestic rates, before the Executive had agreed a position on it.
Philip Smith said:
“It’s clear the Finance Minister has gone on a solo-run, something which the DUP regularly boasted that they had stopped.
“Whilst I welcome his recognition that the local rating system is in need of reform, several of the proposed changes are still subject to further consultation and deliberation. As such much of the detail remains outstanding and the Minister’s announcement has only bolstered uncertainty.
“Whilst the previous Small Business Rates Relief was of benefit to many of our local companies, as the Minister reiterated himself, the previous scheme contributed little to economic growth. He is right to use what limited funds he has more effectively, however I am surprised that despite small and medium-sized enterprises playing such an integral role in the local economy, the Executive is still refusing to match the relief regimes for the SMEs in England and Scotland. As such, I fear Northern Ireland will continue to report record shop vacancy levels.”